Pumpjacks are seen in oilfields along Highway 33, known as the Petroleum Highway, west of Buttonwillow, Kern County, California on April 9, 2025.
Frederic J. Brown | Afp | Getty Images
U.S. crude oil fell about 1% Monday, after OPEC cuts its demand growth forecast for this year on President Donald Trump’s tariffs.
U.S. crude oil was down 61 cents, or 0.99%, to $60.89 per barrel by 12:11 p.m. ET, while global benchmark Brent fell 43 cents, or 0.66%, to $64.33 per barrel.
OPEC now sees demand for crude growing by 1.3 million barrels per day this year and next year, down about 150,000 bpd from its previous estimates, according to the cartel’s monthly report.
Oil prices rose nearly 2% earlier in the session on Trump’s decision to exempt key tech products such as smartphones from his tariffs on China. The president has slapped 145% tariffs on China, while hitting pause on duties for most other countries for the next 90 days to allow negotiations.
U.S. Energy Secretary Chris Wright said Friday that Trump could stop Iran’s oil exports if a deal was not reached on the Islamic Republic’s nuclear program. The U.S. and Iran held talks in Oman on Saturday and will meet again on April 19.
Oil prices are down more than 14% since April 2 when Trump announced his sweeping tariff plans as fears of a recession have grown.
Goldman Sachs sees West Texas Intermediate and Brent averaging $59 and $63 per barrel, respectively, through the rest of the year, according a note published Sunday.
