Oil Prices Slide for Fourth Day as U.S. Economic Woes Weigh In
Oil prices took a hit for the fourth consecutive session on Thursday, weighed down by disappointing economic data from the United States and investors bracing for new developments in the oil market.
Around 9:40 AM GMT, the price of North Sea Brent crude for July delivery—its first day as a benchmark contract—slipped by 2.03% to $59.82. In parallel, West Texas Intermediate (WTI) for June delivery dropped by 2.22% to $56.92.
Analysts are painting a rather gloomy picture as the trade conflict between Washington and Beijing drag on. The U.S. economy experienced a contraction in the first quarter, occurring during a period when most tariffs had not yet been implemented.
According to a preliminary estimate released by the Commerce Department, Gross Domestic Product (GDP) shrank by 0.3% on an annualized basis, which is the standard method of measurement in the U.S. This result marks the first decline in U.S. GDP since 2022 and falls significantly short of analysts’ expectations. Market experts stress that a downward revision of growth forecasts usually signals a dip in global oil demand.
