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Money blog: Fuel costs 'should fall sharply' with two factors in play; why you might struggle to get an Uber today

Oil prices fell sharply on Wednesday, with Brent crude at $63.76 and WTI at $60.02 per barrel, marking their biggest monthly drops in nearly three and a half years.
The decline came after U.S. President Donald Trump revealed plans for tariffs on imports on April 2, prompting China to impose retaliatory duties and heightening fears of a trade conflict between the two largest oil-consuming countries.
Additional pressure came from a contraction in China's factory activity at its fastest pace in 16 months, rising U.S. Crude inventories, and OPEC+ signaling increased production in June ahead of their May 5 meeting.
Brent crude lost around 15-16%, WTI lost 16%, while analysts expect a 400,000 barrel rise in U.S. Stocks, with Capital Economics noting the PMI drop "likely overstates the impact of tariffs" but shows external demand is weakening.
The combined effects of weaker demand from trade tensions and potential supply increases suggest fuel costs should fall sharply, although global economic uncertainty may persist as OPEC+ manages output and diplomatic talks ease geopolitical risks.

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5 in 5 with ANZ

Daily New Zealand Business News podcast from ANZ

Monday: Oil falling as Saudis hike output

5 in 5 with ANZ discuss falling oil prices amid increased Saudi output and tariff-related market pressures.

11 days ago·New Zealand

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Sky News UK

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Money blog: Fuel costs 'should fall sharply' with two factors in play; why you might struggle to get an Uber today

Welcome to Money, Sky News' consumer and personal finance hub. Today: an Uber strike, the consequences of falling oil prices, and our weekly Cheap Eats interview - this week we chat to one of the best young chefs in the country, Kray Treadwell.

14 days ago·United Kingdom

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Anadolu Ajansı

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Oil prices extend losses on demand, supply glut concerns

Mounting concerns over weak demand and potential supply glut push oil prices toward their sharpest monthly decline since November 2021 - Anadolu Ajansı

14 days ago·Ankara, Türkiye

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Financial Post

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Oil Holds April's Slump as Saudis Signal Increased OPEC+ Supply

Oil was little changed after the biggest monthly drop since 2021, as signs that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher output add…

14 days ago·Canada

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Oil Price

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Oil Prices Are Set for Another Monthly Dip

Crude oil prices have extended their decline, heading for what Reuters reports will be their steepest monthly drop in three years.

15 days ago·London, United Kingdom

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The Globe & Mail

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Zawya

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Oil prices down, poised for biggest monthly fall since 2021

Retracing some earlier losses, Brent crude futures fell $49 cents to $63.76 per barrel by 1002 GMT, while U.S. West Texas Intermediate crude futures dropped 40 cents to $60.02

15 days ago·Canada

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Thanh Niên

Gasoline price today 1.5.2025: Down to 58 USD/barrel

Oil prices continued to decline, losing nearly 2% in the last trading session of April. Domestically, prices will remain unchanged this week, with a slight increase forecast for early this week.

14 days ago·Viet Nam

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