Oil prices fell more than 1.5 percent on Monday as investors worried that U.S. tariffs on its trading partners would further hamper economic growth and reduce fuel demand.
\nBrent futures fell 97 cents, or 1.4 percent, to $66.99 a barrel after rising 3.2 percent on Thursday, according to Reuters. U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.5 percent, to $63.72 a barrel after rising 3.54 percent in the previous session. Thursday was the last trading day of the week due to the Easter holiday.
\n\u201cThe overall trend remains bearish as investors remain uncertain about the improving supply and demand outlook, especially given the pressure from tariffs on global growth and increased supply from OPEC+,\u201d said market strategist Yip Jun Rong. OPEC+ is still expected to increase production by 411,000 barrels per day from May, although some of that increase could be offset by cuts from countries that have breached their quotas. Prices eased on Saturday after news of progress in US-Iran nuclear talks. Iran\u2019s foreign minister said the US and Iran had agreed to develop a framework for a potential nuclear deal in talks that a US official described as \u201cvery good progress.\u201d The development comes after new US sanctions last week against an independent Chinese refinery accused of processing Iranian crude, increasing pressure on Tehran amid the talks.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell more than 1.5 percent on Monday as investors worried that U.S. tariffs on its trading partners would further hamper economic growth and reduce fuel demand. Brent futures fell 97 cents, or 1.4 percent, to $66.99 a barrel after rising 3.2 percent on Thursday, according to Reuters. U.S. West Texas Intermediate (WTI) crude<\/p>\n","protected":false},"author":2,"featured_media":3606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[7],"class_list":["post-3605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil","category-top-news","tag-oil"],"_links":{"self":[{"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/posts\/3605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/comments?post=3605"}],"version-history":[{"count":1,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/posts\/3605\/revisions"}],"predecessor-version":[{"id":3607,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/posts\/3605\/revisions\/3607"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/media\/3606"}],"wp:attachment":[{"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/media?parent=3605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/categories?post=3605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energypress.ir\/en\/wp-json\/wp\/v2\/tags?post=3605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}