US crude oil has fallen more than 22% since peaking in January. Oil extended its losses on Wednesday even as tariff pressures eased.

Oil prices on exchanges in the United States are rising. Investors are analyzing the impact of supply from the OPEC+ oil cartel and trade tensions between the USA and the People's Republic of China. However,

Douglas McIntyre, Editor-in-Chief at Climate Crisis 24/7, reports on the latest IEA oil market forecast. Due to global tariffs and ongoing trade tensions—particularly between the U.S. and China—oil demand is expected to decline.

A halt to Russia's war in Ukraine and the easing of sanctions against them could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.

Oil prices were set for a weekly decline of nearly 2% on the back of oversupply concerns and uncertainty around tariff talks between the US and China.

Oil prices rose on Friday but were headed for a weekly loss on the prospect of more supply entering global markets amid positive US-Iran talks and potential output increases from Opec+ members. Demand concerns as a result of the trade war between the US and China,