WTI Crude slips over 1% to $59; OPEC holds 2025 demand forecast

WTI crude futures dropped over 1% to $59 per barrel in Asian trades on Tuesday, reversing early gains as escalating US-China trade tensions clouded the demand outlook. China vowed fresh retaliation after sanctioning five US units of South Korea?s Hanwha Ocean, reigniting trade frictions between the world?s top economies. Easing tensions in the Middle East also trimmed risk premiums after prisoner exchanges between Israel and Hamas. However, losses were limited after OPEC, in its latest monthly report, maintained its 2025 global oil demand growth forecast at 1.3 mb/d, citing steady consumption in non-OECD nations.

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