Oil Prices Decline Amid Market Turmoil

In a significant downturn, crude oil prices fell by more than 1.5% on Monday, as Wall Street experienced a widespread selloff. The Dow Jones Industrial Average witnessed a sharp decline, plummeting over 800 points during intraday trading in New York. This downturn came after the market opened significantly lower, with the tech-heavy Nasdaq dropping to its lowest point since September 2024. The selloff was fueled by growing fears of an economic slowdown, exacerbated by US President Donald Trump's comments not ruling out a recession amidst the implementation of US tariffs.

West Texas Intermediate (WTI) for March delivery saw a decrease of 1.61%, trading at $65.97 per barrel at 1:53 pm CET. Similarly, the international benchmark Brent crude for March settlements experienced a 1.54% drop, trading at $66 per barrel shortly thereafter.