- Crude prices extended losses as escalating global trade tensions dimmed the demand outlook
- WTI prompt-month contract fell $1.05 to $61.00/Bbl Tuesday morning (7:45 AM CT), after closing nearly $1 lower Monday
- Brent is set for its steepest monthly decline since 2021
- A sharp drop in business sentiment added to bearish pressure
- The Dallas Fed’s latest survey showed a plunge in a key activity index to its lowest level since May 2020
- While current production growth was modest, company outlooks fell to post-pandemic lows amid strained supply chains and forecasting challenges
- Price indexes for raw materials and finished goods remained elevated, nearly 60% of respondents cited tariffs as a risk to 2025 business performance
- Russian crude exports continue to rebound (Bloomberg)
- Flows rose for a second straight week to 3.39 MMBbl/d in the seven days ending April 27, up ~40 MBbl week-over-week
- Nearly half of previously sanctioned tankers are now back moving Russian barrels
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