Crude oil futures pulled back, following increases in U.S. crude stockpiles, which weighed on market sentiment.
The rise in U.S. stockpiles by 9.4 million barrels indicates potential demand issues, which could exert downward pressure on global crude prices.
Oil prices have retreated after three sessions of strong gains during which traders focused on supply issues and disruption risks.
The pullback was also driven by concerns that tariffs could dampen global economic growth and energy demand. With tariffs potentially raising costs and slowing industrial activity, crude consumption could face challenges. Additionally, the U.S. Energy Information Administration’s revised forecast for increased crude production further suggests that supply could outpace demand in the near term, which could weigh on global prices.
Oil prices could be heading toward last year’s lows in case conditions remain unfavorable in particular if trade tensions affect economic growth and demand for energy products.
