World News
Oil Maintains Slump As Analysts Weigh Tariff Impacts
Oil prices on Tuesday maintained the stabilization it had achieved during the previous session, with analysts more or less resigned to the fact that global demand would be impacted even though a resolution in fair trade with the U.S. would eventually be achieved.
As of 1434 GMT, Brent fell 11 cents to $64.77 per barrel, while West Texas Intermediate fell 12 cents to $61.41.
Following the Organization of the Petroleum Exporting Countries (OPEC) on Monday revising its global oil demand growth forecast for 2025 to take into account the tariff tensions, the International Energy Agency on Tuesday projected that global oil demand this year will grow at its slowest rate for five years, due to U.S. president Donald Trump's initiatives.
For his part, Trump said he was considering a modification of the 25 percent tariffs he imposed on automobile imports from Mexico and other countries, and this supported equity markets, including oil.
Still, pundits regarded this as a minuscule short-term relief and continued to warn of the bigger picture: HSBC Holdings analysts including Kim Fustier wrote in a note, "The 2025 oil market surplus is increasing; the combination of weaker demand and accelerated output increases from OPEC suggests a larger 2025 surplus than we were forecasting a few months ago."
In other Trump-related oil news on Tuesday, the Hindustan Times reported that the average price of India's crude oil imports fell to below $70 per barrel in April, for the first time since 2021, as international benchmarks plunged due to trade and tariff uncertainty.
The average cost of crude imports declined by 17.8 percent this month compared to March 2024, standing at $69.39 per barrel for the first two weeks of April; the Times speculated that this could lead to lower consumer prices for gasoline and diesel, and also potentially boost purchases by Indian refiners who are sensitive to the price of crude.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 494.50 | 0.50 | 607.50 | 7.50 |
| Rotterdam | 451.00 | 3.50 | 611.50 | 4.00 |
| Houston | 471.00 | 2.50 | 628.00 | 1.00 |
| Fujairah | 491.00 | 0.50 | 719.50 | 1.50 |
| Global 20 Ports Average | 524.00 | 1.00 | 706.50 | 2.50 |
| Global 4 Ports Average | 477.00 | 1.50 | 641.50 | 3.50 |
| Global Average Bunker Price | 564.50 | 1.00 | 741.50 | 1.50 |
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