By Milad Azar

Crude oil prices remained capped below USD 70 per barrel due to concerns over a global economic slowdown, exacerbated by U.S. tariffs on major trading partners. These protectionist measures have raised fears of reduced energy demand, compounded by market uncertainty and potential recession risks. The decline in U.S. stock markets has added bearish pressure while ongoing trade tensions contribute to heightened market volatility, keeping prices under pressure in the near term.

On the supply side, OPEC+ plans to increase production in April but could reverse course if imbalances occur. U.S. crude oil stockpiles are expected to rise. However, distillate and gasoline inventories may fall. Despite supply stability, concerns about weakening demand remain, especially if economic conditions worsen. The outlook for crude prices could remain bearish, with supply and demand dynamics closely tied to evolving global economic conditions as well as geopolitical developments.

Azar is Market Analyst at XTB MENA