Oil falls as economic concerns offset prospect of tighter supplies

Oil prices slipped on Monday as concerns about fuel demand in top global oil consumers United States and China offset bullish sentiment about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves, News.Az reports citing Reuters. 

Brent crude futures fell 62 cents, or 0.84%, to $73.55 a barrel by 0348 GMT while U.S. West Texas Intermediate crude was at $69.48 a barrel, down 56 cents, or 0.8%.

Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concern the United States could enter a recession on "significant risk" of a historic default within the first two weeks of June.

Investors sought safe havens such as the U.S. dollar, strengthening the currency and making dollar-denominated commodities more expensive for holders of other currencies.


You Might Also Like