Trade War Concerns Weigh on Oil Markets

Oil prices experienced a decline of more than 1% on Monday, as markets reacted to comments from United States President Donald Trump regarding trade tariffs. In a recent interview with Time magazine, Trump suggested that maintaining tariffs of up to 50% by next year would signify a "total victory".

OPEC+ Output Increase Speculations Add to Market Jitters

Further unsettling the market were speculations about a potential increase in output by OPEC+ in the coming months. This has raised concerns over possible oversupply, especially in light of Kazakhstan's reluctance to adhere to the organization's production agreements.

Price Movements

By 5:55 am ET, West Texas Intermediate (WTI) for June's settlements had dropped by 1.21%, trading at $62.84 per barrel. Similarly, Brent for the same month's deliveries saw a 1% decrease, selling for $66.58 per barrel.