Pump jacks are seen in oilfields along Highway 33, known as the Petroleum Highway, west of Buttonwillow, Kern County, California, on April 9, 2025.
Frederic J. Brown | Afp | Getty Images
U.S. crude oil prices held steady Monday after OPEC cuts its demand growth forecast for this year on President Donald Trump’s tariffs.
U.S. crude oil rose 3 cents to close at $61.53 per barrel, while global benchmark Brent gained 12 cents to settle at $64.88 per barrel.
OPEC now sees demand for crude growing by 1.3 million barrels per day this year and next year, down about 150,000 barrels per day from its previous estimates, according to the cartel’s monthly report.
Oil prices rose nearly 2% earlier in the session on Trump’s decision to exempt key tech products such as smartphones from his tariffs on China. The president has slapped 145% tariffs on China, while hitting pause on higher duties for most other countries for the next 90 days to allow negotiations.
Prices found some support after U.S. Energy Secretary Chris Wright said Friday that Trump could stop Iran’s oil exports if a deal was not reached on the Islamic Republic’s nuclear program. The U.S. and Iran held talks in Oman on Saturday and will meet again on April 19.
U.S. crude is down more than 14% and Brent has fallen more than 13% since April 2 when Trump announced his sweeping tariff plans. Prices are also under pressure from the decision by OPEC+ to accelerate production starting in May.
“It’s a double whammy for the oil market right now,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC’s “The Exchange” on Monday.
Goldman Sachs sees West Texas Intermediate and Brent averaging $59 and $63 per barrel, respectively, through the rest of the year, according a note published Sunday.