Oil prices are on track for their biggest monthly decline in three years due to weakening demand expectations amid ongoing global trade wars. Oil prices fell 15% during April, the steepest drop since November 2021. This decline followed President Trump's announcement on April 2 to impose tariffs on all U.S. imports, prompting retaliatory tariffs from China and intensifying the trade war between the two largest oil consumers. As a result, economic uncertainty has undermined investor confidence, with US consumer confidence hitting a near five-year low and manufacturing activity in China falling sharply.Should the decline continue, the market could find support in the $55-58 area.