29.04.202509:36:00UTC+00Oil Extends Losses On Demand Concerns

Oil prices extended overnight losses on Tuesday amid a weaker demand outlook.

Benchmark Brent crude futures ell 1.6 percent to $63.75 a barrel in early European trade, while WTI crude futures were down 1.5 percent at $61.10.

It is feared that a weakening U.S. economy and the U.S.-led trade war with partners, especially China, will hurt energy demand.

U.S. Treasury Secretary Scott Bessent in a CNBC interview put the responsibility for reaching a trade agreement on China, adding that "they sell five times more to us than we sell to them".

Bessent also said that he has an "escalation ladder" in his back pocket, which he hopes not to use in the future.

Elsewhere, China's top diplomat has warned countries against caving into U.S. tariff threats and said that concession and retreat will only make the "bully" more aggressive.

European Central Bank board member Piero Cipollone said that trade policy uncertainty could reduce business investment.

Meanwhile, market reports suggest that several oil refineries across Spain were halted after a widespread power outage.

The power outage that hit Spain and Portugal on Monday paralyzed public transport, caused large traffic jams and delayed flights.

Moeve, which is owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group, reportedly halted operations at both its refineries.

Petronor, a majority owned subsidiary of Repsol, said it had shut all units at its Bilbao oil refinery.