Oil Prices React to Trump's Trade Tariff Comments

Oil prices experienced a significant drop, falling over 1% on Monday. This decline came in the wake of remarks made by United States President Donald Trump in a recent Time magazine interview. Trump highlighted that imposing trade tariffs of up to 50% by next year would signify a "total victory".

OPEC+ Output Increase Sparks Oversupply Concerns

Further impacting market sentiment was the speculation surrounding OPEC+'s potential decision to increase its output in the coming months. This possibility has raised concerns about oversupply, especially with Kazakhstan's reported reluctance to adhere to the organization's production agreements.

Current Oil Price Figures

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