LAGOS, Aug 11 – Global oil prices experienced a downturn on Monday, with both major benchmarks, Brent and West Texas Intermediate (WTI), seeing a slight drop in value.
The decline is being attributed to a combination of renewed concerns over global economic health and a more stable geopolitical landscape.
As of midday trading, Brent crude futures were hovering around $66.31 per barrel, marking a decrease of approximately 0.42% for the day. Meanwhile, WTI crude, the U.S. benchmark, was trading at roughly $63.53 per barrel, a decline of about 0.55%.
Analysts are pointing to a few key factors driving the prices down. A recent softening of economic data from major economies has fueled fears of a potential slowdown in global energy demand. Traders are also closely watching for any signs of a shift in production policies from the OPEC+ alliance.
The group’s Previous decision to increase output has already put pressure on the market, and any further signals of a supply surplus could lead to a continued downward trend.
While prices have been in a broad trading range for some time, the recent drops indicate that market participants are focusing more on demand-side weaknesses than on supply-side risks.
As investors await further economic indicators and monitor the outcomes of international talks, the market is likely to remain volatile in the near term.
