S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market- WTI price gains ground due to a decline in US crude inventories.
- Oil prices may lose ground due to lingering uncertainty surrounding US-China trade talks.
- Fed Chair Powell signaled a more cautious stance on interest rate decisions, citing continued policy uncertainty.
West Texas Intermediate (WTI) crude Oil price recovers some ground during Thursday’s Asian session, trading around $58.10 per barrel after recent losses. The rebound is supported by a decline in US crude inventories. According to the latest EIA Petroleum Status Report, US crude stockpiles fell by 2.032 million barrels in the week ending May 2.
However, Oil prices remain under pressure due to lingering uncertainty surrounding US-China trade talks. As the world’s two largest oil consumers, tensions between them continue to weigh on market sentiment. US Treasury Secretary Scott Bessent is scheduled to meet China’s top economic official on May 10 in Switzerland in an attempt to revive stalled negotiations.
US President Donald Trump, meanwhile, claimed China initiated the talks and reiterated his unwillingness to reduce tariffs to bring Beijing to the table. Bessent tempered expectations, describing the meeting as an initial step rather than an advanced phase of negotiation.
Despite mutual willingness to engage, acknowledged by China’s Ministry of Commerce, investors remain cautious. The trade conflict threatens to dampen global Oil demand, with Brent crude edging higher on optimism about possible progress, extending Wednesday’s relief rally. Still, ING analysts Ewa Manthey and Warren Patterson emphasized that meaningful progress on tariff reductions is essential to lifting the Oil demand outlook.
Further dampening sentiment, Federal Reserve Chair Jerome Powell warned that prolonged tariff policies could hinder the Fed’s inflation and employment goals. He signaled a more cautious stance on interest rate decisions, citing continued policy uncertainty. While trade tensions under the Trump administration have previously undermined business and consumer confidence, the Fed sees no urgent need for rate changes in the absence of more pronounced economic weakness.
