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Oil Heads for Second Weekly Loss amid Recession Fears

Taarek Refaat Oil is heading for a second weekly loss amid escalating turmoil in global markets due to US President Donald Trump's escalating trade policy, which has raised fears of a global recession and a mass flight from risky assets. Brent crude fell below $63 a barrel, a 4% decline this week, after hitting a four-year low. West Texas Intermediate (WTI) crude traded near $59. Latest Oil Prices: WTI Crude $59.80 -0.45% Brent Crude $63.10 -0.36% Murban Crude $64.45 -0.74% Louisiana Light $65.08 +4.40% Bonny Light $78.62 -2.84% Opec Basket $63.40 -4.72% Mars US $72.90 -1.51% Gasoline $1.951 -0.51% Natural Gas $3.521 -1.01% This decline came amid heavy selling across US stocks, bonds, and the dollar amid growing concerns about the impact of US tariffs, particularly those imposed on China, the world's largest importer of crude oil. Key indicators in the oil market are showing clear signs of weakness, with the decline accelerating this month. Among these indicators is the return of a contango structure to parts of the futures curve, a negative pricing pattern that signals expectations of future price declines. Oil has lost around 16% since the beginning of April, amid a massive sell-off that has affected most commodities. The US tariffs include punitive duties of 145% on imports from China, which has responded with counter-tariffs, further escalating tensions between the world's two largest economies. The OPEC+ alliance's decision to ease production restrictions has also contributed to increased pressure on crude prices. Sharu Chanana, chief investment strategist at Saxo Markets, said: "We are clearly heading towards a zero-sum trade war, and the resulting blow to global growth is starting to impact both sentiment and physical demand in the oil market. While the sell-off in the dollar and Treasuries has yet to fully spill over into oil assets, investors should closely monitor this." Earlier this week, the US lowered its forecast for global oil demand growth amid growing concerns about consumption and a deteriorating economic outlook. The Energy Information Administration now projects global consumption to rise by only about 900,000 barrels per day in 2025, about 400,000 barrels less than last month's estimate. The decline in oil prices has also led to a decline in oil-related products, with US gasoline futures falling about 5% this week. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)