FX.co ★ Oil Rises Slightly on Monday

WTI crude oil futures experienced a 1% increase on Monday, reaching $62.20, following a two-week decline. This uptick was spurred by the United States granting tariff exemptions for certain Chinese technology products and a resurgence in China's oil imports. Data from March highlighted a nearly 5% year-over-year rise in China's crude imports, buoyed by increased shipments from Iran and Russia. Despite this, oil prices remain under pressure due to ongoing trade tensions between the US and China, which continue to cast uncertainty over global economic growth and fuel demand. President Trump's unpredictable tariff strategy—suspending some duties while threatening new ones on semiconductors—has further contributed to this uncertainty. So far this month, both WTI and Brent crude have declined by approximately $10. In light of decreasing demand, particularly for petrochemical feedstocks, Goldman Sachs has revised its oil price forecasts for 2025 and 2026 downwards. Concurrently, US-Iran negotiations might mitigate geopolitical risks, potentially reducing some concerns related to sanctions.