Despite its slight rise today … the oil is heading to record the largest monthly loss since 2022

Oil prices have risen slightly in early transactions on Monday, but they were affected by fog on trade talks between America and China, which casts a shadow over global growth expectations and demand for fuel, while the possibility of OPEC+ increased its supplies has cast more pessimism.

Brent crude futures rose above $ 67 a barrel by 03:00 GMT, while Texas crude futures increased to $ 63.11.

The CEO of the online trading platform “Momo” Michael McCarthy said, “The absence of news pushes oil prices to rise modestly, as customers take short centers before a possible increase in OPEC+ supplies from the May 5 meeting and a significant increase in America’s production.”

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The largest monthly oil loss since 2022

The oil is heading to record the largest monthly loss since 2022 after it touched its lowest level in 4 years, as it has burdened the fears that the trade war will suffocate economic activity and harm the demand for energy.

The decision of the OPEC+coalition also deepened to enhance the increase in stopping production, from negative feelings in the market on supplies, and the coalition is scheduled to meet on May 5 to discuss production plans for the month of June, as expectations of increasing supply and concerns about the impact of customs duties on the global economy in Brent and Texas decreased more than 1% last week.

The market was subjected to turmoil due to conflicting signals from America and China regarding the progress that was made to calm the trade war that threatens to reduce global growth, and in the latest comment from Washington, US Treasury Secretary Scott Bessent did not support on Sunday, confirming the existence of negotiations with China, which previously denied any talks.

Iran’s talks and additional sanctions against Russia

Investors are also watching nuclear talks between Tehran and Washington in Muscat, where Iranian Foreign Minister Abbas Araqji stated that he is still very cautious about its success, in a separate development, an explosion that occurred Saturday in Rajai Port resulted in dozens of victims, and this port is a major center on the Strait of Hormuz, a vital corridor for the global oil trade.

Ukrainian President Folodimir Zellinski also held an individual meeting with US President Donald Trump. After the meeting, Trump said that his Russian counterpart, Vladimir Putin, may be delayed to avoid ending the war, indicating that the imposition of additional sanctions may be necessary.