Oil Sinks to Multi-Year Lows

Oil Market

Oil markets faced a sharp rout in April, with West Texas Intermediate tumbling over 19%—its steepest monthly loss in over three years. Brent crude is now hovering just above $60 per barrel, reflecting a market grappling with oversupply and geopolitical anxiety.

All eyes are on the upcoming OPEC+ meeting, where Saudi Arabia is reportedly ready to endure lower prices to defend market share. Despite a surprise drawdown in U.S. crude inventories—2.7 million barrels last week—volatility remains high.

Gold prices extended their decline into a third session, falling to around $3,220 per ounce in Thursday’s early trade. Calmer tones between Washington and Beijing reduced the appeal of safe-haven assets, while a firmer U.S. dollar further weighed on the metal’s performance.

Currencies

The Japanese Yen continued to weaken after the Bank of Japan reiterated its dovish stance, sending USD/JPY climbing back near 144.00 in Asian trading.

Meanwhile, the euro edged lower toward 1.1325, pressured by firm U.S. dollar demand as the Dollar Index rose to a two-day high near 99.70.

U.S. labor market

The ADP report showed private sector job additions slowing sharply to 62,000 in April, far below March’s downwardly revised figure of 147,000. Separately, job openings tracked by JOLTS slipped to 7.19 million, down from 7.48 million—fueling speculation that labor tightness is easing faster than expected