Oil fell more than 2% overnight, registering fresh lows for 2025 after US consumer confidence fell the most since 2021 due to broad concerns about the US economy, which weighed on perceived future demand for oil. The uncertainty around tariffs is the primary driver of the worries, with clarity unlikely to return soon. The market expects US stockpiles to continue rising, a bearish combination with softening demand. President Trump remains keen to increase US production to turn the country into an energy powerhouse with the added bonus of lowering prices, helping contain inflation that his tariffs could spike higher – a tricky balancing act.
- There are too many headwinds for MM to pick a low in crude oil in the coming months.
MM remains neutral toward crude oil
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