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Date: 23-may-2025 | By: Nuztrend Team
Oil prices edged lower on Friday, with global benchmarks Brent and West Texas Intermediate (WTI) both posting notable losses. The decline comes amid a strengthening U.S. dollar and rising speculation that the OPEC+ alliance may increase crude production in the coming weeks.
By market close, Brent crude futures were down 2.3%, settling at $64.07 per barrel. Meanwhile, WTI futures dropped 2.7%, ending the day at $60.81. The downturn erased much of the week's earlier gains and has rekindled volatility concerns among energy traders.
The U.S. dollar index climbed to a one-month high on Friday, buoyed by hawkish comments from Federal Reserve officials and solid economic data. A stronger dollar typically weighs on oil and other dollar-denominated commodities by reducing purchasing power for non-U.S. buyers.
Reports circulated late Thursday suggesting that key OPEC+ members—led by Saudi Arabia and Russia—are considering a modest increase in oil output ahead of their next policy meeting. While not yet confirmed, the possibility of greater supply has already begun to influence futures trading volumes.
Traders are closely watching signals from OPEC+ technical committees and upcoming public statements from energy ministers. Any unexpected shift in policy could have far-reaching effects on prices heading into the summer demand season.
Analysts say the oil market is likely to remain volatile in the near term as macroeconomic indicators, central bank policy, and OPEC+ dynamics continue to collide. Energy investors are urged to brace for potential price swings, particularly in the run-up to the next OPEC+ meeting.
With Brent and WTI now both trading well below recent peaks, the market’s next moves will depend on whether demand can hold firm against these mounting headwinds.
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Date: 23-May-2025
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