FX.co ★ Oil Retreats from 2-Week High

On Tuesday, West Texas Intermediate (WTI) crude oil futures declined to approximately $61.8 per barrel, retreating from a two-week high achieved in the previous session, which had been buoyed by advancements in U.S.-China trade talks. The announcement made on Monday by both nations stated a 90-day halt on tariffs between them, sparking optimism for a reduction in the trade conflict between these global economic powerhouses. Nonetheless, oil prices are still under downward pressure due to ongoing apprehensions about excess supply. Recent indications from OPEC+ suggest a rise in production expected in May and June. Additionally, President Donald Trump indicated favorable progress in nuclear discussions with Iran, raising the possibility that U.S. sanctions against Iranian crude exports might be eased. Concurrently, market participants are closely monitoring the developments in the Russia-Ukraine situation, as Ukrainian President Volodymyr Zelensky has extended an invitation to President Trump to join in potential peace negotiations in Turkey this week, as Ukraine persistently seeks a cease-fire.