WTI crude oil futures hovered around $61 per barrel on Monday, fluctuating as news of potential looser restrictions on Iranian crude clashed with a temporary U.S. tariff reprieve. US-Iran nuclear talks, described as "constructive," raised hopes for higher Iranian oil exports, putting downward pressure on prices. However, OPEC revised its 2025–26 demand growth forecast down by 100,000 bpd, reflecting weaker consumption due to U.S. tariffs, though it still anticipates growth of 1.3 million bpd annually. Although President Donald Trump granted exclusions from steep tariffs on tech products primarily imported from China, he indicated that a new round of levies will be announced in due course, keeping uncertainty elevated. Despite this, Saudi Arabia is pushing for faster output increases to lower prices and maintain discipline among overproducing members like Kazakhstan. Meanwhile, China's crude imports saw a 5% year-on-year rise in March, boosted by more Iranian and Russian oil.
Source: Fxstreet
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