Market News
Oil prices slump, poised for biggest monthly fall since 2021 - REUTERS
Summary
- Brent and WTI down for a third session, lowest in over two weeks
- Both down over 15% so far in April
- China PMI falls sharply as Trump tariffs bite
- OPEC+ meeting on May 5, market fears another output hike
LONDON, April 30 (Reuters) - Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand, while concerns over mounting supply also weighed.
Brent crude futures fell $1.13, or 1.8%, to $63.12 per barrel by 0813 GMT. U.S. West Texas Intermediate crude futures dropped $1.11, or 1.8%, to $59.31 a barrel.
So far this month, Brent and WTI have lost 15.4% and 17%, respectively, the biggest percentage drops since November 2021.
