Oil Prices Edge Lower on Monday

PUKMEDIA

Oil Prices.

Oil prices declined on Monday as market sentiment grew more cautious amid renewed concerns over potential U.S. tariffs and their implications for global economic growth. Brent Crude slipped to $66.99 per barrel, while West Texas Intermediate (WTI) fell to $63.72, both representing a decrease of approximately 1.5% from the previous trading session.

The dip comes after gains recorded last week, which had been driven by optimism over a prospective trade agreement between the United States and the European Union, as well as progress in nuclear talks with Iran. However, investors are now turning their attention to wider macroeconomic issues, notably the possibility of a U.S. recession. 

Further downward pressure on prices is being exerted by sustained oil output from OPEC+, while forthcoming U.S. economic indicators—including April's manufacturing and services Purchasing Managers' Indexes—are likely to provide further guidance on market direction.

Against this backdrop of potential policy changes and economic challenges, oil market participants remain cautious, carefully assessing geopolitical developments in light of ongoing uncertainty around global demand.



PUKMEDIA