Trump's tariff war and expectations of increased production from OPEC+ weigh on oil prices.

On Monday,Foreign exchange basics the price of U.S. WTI crude oil closed lower as uncertainties from Trump's tariff war continued to impact the global economic growth outlook, putting pressure particularly on fuel demand. In addition, expectations of increased production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) also dampened sentiment in the oil market.

West Texas Intermediate (WTI) crude for June delivery fell by 97 cents, a decline of nearly 1.54%, settling at $63.07 per barrel.

PVM Brokerage analyst John Evans stated, "Trump's trade war has become the main factor dominating the market, surpassing the influence of U.S.-Iran nuclear talks and internal disagreements within the OPEC+ alliance." Evans pointed out that the persistent uncertainty of the tariff war has become a major driver of oil price volatility.

Meanwhile, OPEC+ member countries are expected to propose accelerating production increases for the second consecutive month at their meeting on May 5, which has intensified market concerns about oversupply. OPEC+'s decision to increase production could further weigh on oil prices, and market participants are closely watching this development.

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