Shafaq News / 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.
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.
"Oil prices are still under pressure on sluggish demand outlooks as China’s economic reopening progress seems bumpy," CMC Markets analyst Tina Teng said, adding that the U.S. banking rout has also caused market jitters.
Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said.
