OPEC: Significant downside risks remain from trade disputes spilling over to global demand growth

Eren Sengezer FXStreet

According to Reuters, OPEC in its outlook for the second half of the year expects significant downside risks to remain from trade disputes spilling over to global demand growth.

Key quotes

Global oil demand growth forecast to 1.14 million bpd (prev. Forecast 1.21 million bpd).
Sees 2019 demand for its crude averaging 30.52 mln bpd, down 60,000 bpd from prev. forecast.
Leaves 2019 non-OPEC oil supply growth forecast at 2.14 million bpd.
Citing secondary sources, says its May oil output fell by 236,000 bpd m/m to 29.88 mln bpd on lower supply from Iran and supply.
OECD oil inventories rose by 25 mln barrels m/m in April and stood 7.6 mln barrels above latest 5-year average.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD regains balance, targets 1.1800

EUR/USD has lost a bit of momentum after its earlier push higher and is now attempting to reclaim the key 1.1800 barrier on Monday. In the meantime, investors remain focused on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD recedes from tops, back to 1.3500

GBP/USD is extending its move higher on Monday, meeting some resistance around 1.3530 on the back of the widespread bearish tone in the US Dollar amid ongoing uncertainty around tariffs. For now, traders are watching overall risk sentiment and central bank rhetoric for the next directional cue.

Gold advances to four-week highs, focus is on $5,200

Gold is holding onto its bullish tone on Monday, hovering near monthly highs well above the $5,100 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.