London – Global oil markets experienced a slight decline in early Asian trading on Monday, influenced by several key factors.
Brent crude futures recorded a 0.2% decrease to $79.55 per barrel, while West Texas Intermediate (WTI) futures fell by the same percentage to $76.52 per barrel.
This decline is attributed to several reasons:
- Concerns over weakening demand in China, the world’s largest oil importer.
- Increased focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.
- Investors lowering their expectations for Chinese demand growth.
The benchmark crude prices had seen about a 2% decline at the close of last Friday’s trading. However, they ended the week with little change compared to the previous week, supported by a set of positive U.S. data showing a slowdown in inflation and strong spending in the retail sector.
Analysts are closely monitoring developments in China’s economic situation and the progress of negotiations in the Middle East, as these factors can significantly influence oil price trends in the coming days.
