• Oil prices are experiencing their largest monthly decline since 1988, with Brent crude dropping approximately 15% in April. This downturn is attributed to the adverse effects of the US-China trade war, which is dampening economic growth and energy demand. Concurrently, the OPEC+ alliance is easing supply restrictions, further exacerbating the situation. The combination of reduced demand and increased supply is leading to significant price pressures in the oil market.

• Recent data indicates a slowdown in US economic growth, with consumer confidence hitting a five-year low and factory activity in China contracting sharply. These factors are contributing to a bearish outlook for energy consumption. Additionally, OPEC+ is expected to discuss further production increases in their upcoming meeting, which could lead to even more supply entering the market, raising concerns about oversupply and its impact on oil prices.