Oil Rises on Technical Rebound
Tanzey CouseyWTI crude oil futures rose to around $61.5 per barrel on Tuesday on a possible technical recovery, following three consecutive sessions of losses.
The recent downtrend was driven by growing fears that intensifying trade war will cause a global recession and reduce energy demand.
On Monday, sentiment briefly improved amid reports that President Donald Trump might consider a 90-day delay on new tariffs but the White House quickly denied it.
This was followed by Trump threatening to impose an additional 50% tariff on China starting Wednesday unless Beijing retracts its retaliatory measures.
Adding to the downward pressure were the larger OPEC+ output hike planned for May and Saudi Arabia’s move to cut official selling prices for next month.
On the geopolitical front, Trump said the U.S. will hold direct talks with Iran about its nuclear program, while warning that Iran would be in 'great danger' if the negotiations fail.
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