Crude prices recorded slight declines of about 0.25% in mid-trading on Tuesday, April 15, after the International Energy Agency warned of the impact of tariffs on energy prices, amid anticipation of today’s US inventory figures from the American Petroleum Institute. Nymex crude fell by about 0.29%, trading at $61.35 a barrel, while Brent crude traded at $64.70 a barrel, down about 0.28%.
The International Energy Agency’s monthly report issued this morning stated that the agency expects global oil demand to rise by 730,000 barrels per day, compared to the 1.03 million barrels forecast in March. The report indicated that the deteriorating global economic outlook and concerns about trade tensions played a role in lowering our growth forecast for crude demand. OPEC announced earlier this week that it had lowered its oil demand forecast to 1.30 million barrels per day this year and 1.28 million barrels per day next year, figures that are approximately 250,000 barrels lower than March’s figures. Data released by the world’s largest oil consumer earlier this week provided support for crude prices in the opening session of the week. Data showed that China’s oil imports rose 5% year-on-year in March to 12.1 million barrels per day, their highest level since August 2023, supported by supplies from Iran and Russia.