Oil Prices Slip on Monday

PUKMEDIA

Oil prices

Global oil prices edged lower on Monday as easing geopolitical tensions in the Middle East and expectations of increased output from OPEC+ weighed on the market.

Brent crude futures fell to approximately $67.60 per barrel, down 0.18%, while US benchmark West Texas Intermediate (WTI) traded around $65.20, marking a 0.5% daily decline.

The recent de-escalation of hostilities between Israel and Iran has reduced geopolitical risk in the region, diminishing the security premium previously factored into oil prices. Market sentiment was further impacted by the anticipated rise in supply, as OPEC+ is expected to begin unwinding production cuts in August, potentially adding over 400,000 barrels per day to global output.

In addition, ongoing concerns over sluggish economic activity in China and broader global demand uncertainty continue to exert downward pressure on prices.

Oil markets are now closely monitoring developments within OPEC+ and global economic indicators to gauge the direction of future price movements.



PUKMEDIA