West Texas Intermediate (WTI) crude oil prices remained under pressure on Wednesday, trading around $60.80 per barrel in the early Asian session. The commodity continues to face headwinds as traders weigh the latest developments surrounding U.S. President Donald Trump’s trade tariffs.
Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) revised its oil demand forecast downwards, citing the ongoing uncertainty created by the U.S.’s erratic trade policies. The International Energy Agency (IEA) followed suit on Tuesday, warning that global oil demand growth in 2025 would be the slowest in five years, largely due to concerns over economic growth tied to Trump’s tariff measures.
Since the announcement of Trump’s expansive tariff plan on April 2, WTI prices have fallen by over 14%. Adding to the downside pressure, OPEC+ agreed to boost oil production starting in May, despite a softening demand outlook and slower economic growth projections.
The latest data from the American Petroleum Institute (API) showed a surprising increase in U.S. crude oil stockpiles, which rose by 2.4 million barrels for the week ending April 11. This marks a stark contrast to the previous week’s decline of 1.057 million barrels, and significantly overshot market expectations of a 1.68 million-barrel drop. Year-to-date, U.S. crude oil inventories have increased by more than 24 million barrels, further dampening market sentiment.
