WEAT - Commodities: WTI Oil Falls Below $60 A Barrel

2025-04-30 07:56:00 ET

Summary

• The oil market continued to decline for a third straight session this morning. WTI is trading back below $60/bbl while ICE Brent is down about 15% this month, with prices about to witness their record monthly loss.
• Lingering tariff risks and expectations of OPEC+ loosening output curbs continue to pressure oil prices. Meanwhile, a bearish inventory report from the American Petroleum Institute (API) further weighed on prices.
• The International Copper Study Group (ICSG) expects the global copper market to see a supply surplus of 289kt in 2025, largely on higher mine supply and rising smelting capacity, compared to the 194kt of surplus projected earlier and 138kt of surplus seen last year.

By Ewa Manthey , Warren Patterson

Energy - High inventory adds pressure on oil

The oil market continued to decline for a third straight session this morning. WTI is trading back below $60/bbl while ICE Brent is down about 15% this month, with prices about to witness their record monthly loss. Lingering tariff risks and expectations of OPEC+ loosening output curbs continue to pressure oil prices. Meanwhile, a bearish inventory report from the American Petroleum Institute ((API)) further weighed on prices....

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