Oil Demand Concerns Weigh on Outlook

Oil Demand Concerns Weigh on Outlook

Growing concerns over demand are weighing on the oil market's outlook amid OPEC+ supply dynamics and U.S. tariffs, ING analysts said.

OPEC's oil production increased by 240,000 barrels a day in February, according to a Bloomberg survey, and the group has now decided to unwind output cuts starting from April.

Meanwhile, the Atlanta Fed's GDPNow model predicts a 2.8% contraction in first-quarter GDP growth, a significant downgrade from its previous forecast, the analysts said.