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TOP SECTOR EUR STABLECOIN (0%)
TOP CRYPTO MARKET CAP $0.00T
24H VOLUME $0.00B
BTC DOMINANCE 0.0%
ETH DOMINANCE 0.0%
TOP SECTOR EUR STABLECOIN (0%)
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WTI slips under $58.00 amid demand concerns and Saudi output strategy.

James Carter

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West Texas Intermediate (WTI) crude dropped below $58.00 on Monday, pressured by mounting concerns over weakening global demand and uncertainty surrounding Saudi Arabia’s future production plans. The move highlights the fragile balance in oil markets as traders grapple with mixed signals from key producers and economic indicators.

Oil prices slipped following signs of slowing fuel consumption across major economies, including recent data showing a dip in manufacturing activity and subdued transport demand. The lack of strong recovery in energy use has added to fears that global growth may not be enough to support higher prices in the near term.

Adding to the pressure, Saudi Arabia signaled it may adjust its voluntary output cuts, prompting speculation about future supply levels. While the kingdom has previously led OPEC+ efforts to stabilize prices, any shift in tone is closely watched by traders for potential market impact. “The Saudis are playing a careful game between price stability and market share,” one analyst noted.

At the same time, a strong US dollar has made oil more expensive for international buyers, further curbing demand. The dollar’s gains, driven by resilient US economic data and expectations of higher-for-longer interest rates, have acted as a headwind for most dollar-denominated commodities, including crude.

Despite the decline, some analysts believe the downside may be limited, especially if geopolitical risks or supply disruptions re-emerge. Seasonal factors and strategic stockpile decisions could also influence short-term pricing as the second quarter progresses.

For now, WTI remains under pressure, with sentiment driven largely by headlines around demand trends and producer strategies. Traders will be watching upcoming OPEC+ commentary and key macroeconomic releases for clues on where oil prices may head next.

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