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WTI Crude Oil Prices Slide Below $60 Amid Demand Concerns, Despite EIA Draw
WTI Crude Oil Prices Slide Below $60 Amid Demand Concerns, Despite EIA Draw
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West Texas Intermediate crude oil prices have plunged below the $60 per barrel threshold, erasing gains from a recent rally to $65. The sell-off persists despite a larger-than-expected draw in U.S. crude inventories reported by the Energy Information Administration.
Market sentiment remains bearish as traders weigh weakening global demand against tightening supply. All eyes now turn to the upcoming OPEC+ meeting on May 5, where production policy decisions could determine oil’s near-term trajectory.
The current price action reflects broader macroeconomic uncertainty, with geopolitical tensions and recession fears creating headwinds for energy markets. Volatility is likely to persist until clearer demand signals emerge.
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