FX.co ★ Oil Slips for 2nd Day

WTI crude oil futures declined to approximately $61.8 per barrel on Tuesday, registering a second straight session of losses. This drop comes amid uncertain signals surrounding U.S.-China trade discussions and looming concerns of an oversupply. Recently, Treasury Secretary Scott Bessent remarked that the ball is in China's court to ease trade tensions with the U.S., amid ambiguities about whether formal negotiations are currently taking place. The persistent trade conflict between the two largest global economies has stoked fears of a worldwide economic slowdown, potentially depressing energy demand. Adding to the pressure, some OPEC+ members are likely to propose an acceleration of output increases during their May 5 meeting, possibly extending production hikes for another month. Meanwhile, investors remain attentive to U.S.-Iran nuclear negotiations, which might result in increased supply if an agreement is reached and sanctions are relaxed.