Oil futures extended losses Wednesday morning as worries over economic growth took center stage after the first estimate of U.S. GDP growth in the first quarter of 2025 pointed to an economic contraction.

Oil futures dropped almost $2 on Tuesday, driven by weak global demand and expectations of plentiful supplies from OPEC + countries, amid signals of a potential recession of the U.S. economy supported by economic data.

Oil futures dropped by over $1 for the second consecutive trading session on Tuesday, driven by expectations of abundant supplies from OPEC + countries and weak global demand, coupled with uncertainty caused by trade tariffs.

Oil futures dropped by $1 on average Monday due to persistent uncertainty caused by trade tariffs and their potential impact on global economic growth, as well as expectations of abundant supply and weak demand fundamentals worldwide.

Oil futures steadied Monday morning amid continued uncertainty over trade negotiations.

Oil futures rose to close the week Friday, despite expectations of ample supplies due to a potential increase in output from some OPEC+ countries, coupled with trade tensions between the United States and China.

Oil futures fell Friday morning and were on track for a weekly decline. This came after China denied being engaged in any active tariff negotiations with the U.S.