Crude oil prices slipped today as markets absorbed fresh economic and geopolitical cues that have cast shadows over demand prospects.
Brent crude rose modestly to about $66.95 per barrel, reflecting a slight intraday gain, while U.S. West Texas Intermediate (WTI) traded near $64.31.
Despite the uptick, both benchmarks are on track for their steepest weekly declines since late June, signaling persistent downward pressure.
Traders cited heightened concerns over softening demand, particularly in response to rising U.S. tariffs and macroeconomic anxieties. The implementation of higher duties, especially those targeting trade partners, has triggered fears of slower global economic activity and reduced consumption of oil-intensive goods.
Expectations of a diplomatic breakthrough between the U.S. and Russia further weighed on sentiment, with speculators betting that any easing of sanctions could alleviate supply tensions but also dampen price resilience.
The International Energy Agency’s latest assessment offered a mixed outlook: while global oil supply has jumped up 1.8 million barrels per day in 2025 demand growth remains modest, constrained largely by weak consumption in the United States and China.
Investors remain wary, monitoring upcoming production adjustments by OPEC+ and macroeconomic indicators from major economies to gauge potential price stabilization.
In summary, oil markets ended the week under pressure despite a muted recovery today. The dominance of demand-side concerns, inflationary risks, and evolving trade dynamics continue to dictate the sector’s path forward, keeping crude markets on edge as they await clearer directional signals.
Written By Ian Maleve
