Oil prices were little changed on Thursday, stabilizing after earlier losses as positive corporate earnings and geopolitical delays counterbalanced ongoing concerns about rising supply and weakening U.S. economic data. West Texas Intermediate (WTI) crude futures slipped 15 cents, or 0.3%, to $58.04 per barrel, while Brent crude fell 18 cents, or 0.2%, to settle at $60.90. Both benchmarks had been down over 1% earlier in the session.
News that the next round of U.S.-Iran nuclear talks—originally scheduled for Saturday in Rome—had been postponed also offered temporary relief by delaying the potential return of Iranian oil to global markets.
Analysts pointed to an increasingly bearish outlook as OPEC+ prepares for a possible production increase. Saudi Arabia continues to signal its readiness to boost output, potentially initiating a shift away from price-supportive cuts, and several OPEC+ members are expected to advocate for a second consecutive month of supply hikes at the upcoming May 5 meeting.
Economic data continued to reflect trade-related headwinds. U.S. GDP contracted slightly in the first quarter, marking the first decline in three years, as businesses ramped up imports to get ahead of President Trump’s sweeping tariffs. Consumer confidence also slipped, contributing to demand-side concerns and prompting hedge funds to reduce bullish crude positions.
Despite the downbeat macro outlook, U.S. crude inventories declined unexpectedly last week. According to the Energy Information Administration, stockpiles fell by 2.7 million barrels to 440.4 million, surprising analysts who had forecast a 429,000-barrel increase. The drop, driven by stronger export and refinery activity, helped limit further downside in prices.
Overall, crude markets remain caught between competing forces—rising supply expectations from OPEC+, deteriorating economic indicators, and intermittent support from market news and geopolitical delays—leaving prices range-bound in the short term.