Crude oil prices declined by over 1% on Wednesday after the International Energy Agency (IEA) significantly lowered its 2025 demand outlook, projecting growth at its weakest level in five years and cautioning that worldwide oversupply could continue through 2026. Meanwhile, API figures revealed a 2.4 million barrel increase in US crude stocks last week, contrary to predictions of a 1.68 million barrel reduction.
Not surprising oil was little changed as people start to figure out the trade “wars” have not affected oil demand in any way. West Texas Intermediate (WTI) for deliveries in May at 4:35 am ET, going for $61.63 per barrel, while Brent for settlements in June traded $64.72.
NN: its important to understand a slowdown in demand growth is ESTIMATED . not a slowdown in DEMAND