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Crude oil futures traded below $60 per barrel on 30 April 2025, driven by concerns over weakening global demand due to the ongoing U.S.-China trade tensions.

Moza Albalushi, a licensed market analyst, said in a note shared with Financial Nigeria that US tariffs have continue to raise fears of a global economic slowdown.

According to market data, China’s factory activity contracted at its fastest pace in 16 months in April, highlighting risks to demand.

“These developments have led to a significant drop in trader confidence, contributing to more pressure on oil prices,” noted Albalushi. “The analyst also noted that US consumer confidence has declined to its lowest point in nearly five years, exacerbating concerns about the broader economic outlook. “While recent moves by the Trump administration to ease some trade tensions have provided temporary relief, the overall market sentiment remains cautious. The ongoing trade risks continue to cloud the global economic outlook, increasing uncertainty around future demand for oil.”