Oil Dips Into the Red

Oil prices slipped into the red on the day, with WTI edging down 0.16% to $62.17 per barrel and Brent crude declining 0.14% to settle at $66.

Crude has come under renewed pressure amid growing prospects of a U.S.-Iran nuclear agreement that could lift export restrictions on Iranian oil. Iran’s foreign minister said the country had reached a “better understanding” with the U.S. following talks on Saturday, raising expectations of a return of sanctioned barrels to global markets.

Adding to the bearish sentiment, Vortexa reported a 19% week-on-week jump in crude oil stored on tankers idle for at least seven days, reaching 78.19 million barrels—the highest volume in eight months.

Oil prices have been trending lower throughout April, hitting a four-year low on April 9. Market volatility has been fueled by mounting concerns over global economic growth and energy demand, exacerbated by tariff-related tensions. Although President Trump paused his latest round of reciprocal tariffs last Wednesday, all previously announced trade measures remain in place, continuing to weigh on sentiment.