Oil Falls as U.S. Economic Data Fuels Demand Concerns
0753 GMT – Oil prices fall in early trading, with Brent crude down to $60 a barrel as concerns over weakening demand intensified after the latest data showed the U.S. economy contracted in 1Q for the first time since 2022. The international oil benchmark slips 0.9% to $60.53 a barrel, while the U.S. oil gauge WTI trades 1% lower to $57.61 a barrel. Both contracts are down 19% on month. The outlook is also clouded by prospects of OPEC+ accelerating its unwinding of output cuts for the second straight month in June, with Reuters reporting that Saudi Arabia has signaled it can handle a prolonged period of low prices. 'April has been a turbulent month for the crude oil market, shaken by negative demand signals, strategic decisions by producers, and evolving geopolitical tensions,' says Antonio Di Giacomo, financial markets analyst at XS.com. (giulia.petroni@wsj.com)
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