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Crude oil prices fell sharply on Tuesday, 29 April 2025, with international benchmarks plunging over 2% to reach two-week lows, as markets weighed the likelihood of increased supply from OPEC+ and the potential drag on global demand.

Brent crude futures fell by $1.61, or 2.4%, to settle at $64.25/barrel.

WTI dropped by $1.63, or 2.6%, to settle at $60.42

Brent is now on track for a monthly loss of more than 14%—its steepest April decline since the contract's inception in 1988.

The selloff in crude markets this month has been driven by a combination of bearish factors. The escalated US-China trade war has darkened the global economic outlook and dampened projections for oil demand growth. Meanwhile, signs of easing output constraints from the OPEC+ alliance have fuelled concerns of oversupply.

A Reuters report indicated that several OPEC+ members are likely to propose a faster pace of production increases for a second consecutive month when they meet in June. Among them, Kazakhstan reported a 7% year-on-year increase in crude exports during the first quarter of 2025, aided by greater flows through the Caspian pipeline.