Crude oil retreated ahead of OPEC+ meeting amid oversupply concerns
The alliance had already implemented a larger-than-anticipated output hike of 411,000 barrels per day in May, raising concerns about a looming supply glut at a time of uncertain global economic signals.
Global crude benchmarks ended the week lower on Friday, 2 May 2025, as investors pared back positions ahead of a key OPEC+ meeting, amid renewed apprehension over potential oversupply and tentative signs of a thaw in US–China trade tensions.
Brent closed at 84 cents or 1.4% lower at $61.29/barrel.
WTI loses 95 cents or 1.6% to settle at $58.29/barrel.
OPEC+ members are weighing a further production increase of approximately 400,000 barrels per day in June. The alliance had already implemented a larger-than-anticipated output hike of 411,000 barrels per day in May, raising concerns about a looming supply glut at a time of uncertain global economic signals.
Adding to the cautious sentiment, Beijing is currently reviewing a US proposal to resume trade negotiations aimed at reducing tariffs. However, analysts remain sceptical, characterising any potential easing in tensions as tentative and lacking substantive momentum.
The OPEC+ meeting, rescheduled to 3 May, will be closely watched for confirmation of output adjustments, which could set the tone for crude markets in the weeks ahead.