Oil Prices Decline Amid Global Supply Concerns, Mideast Tensions

Oil prices experienced fluctuations amid geopolitical tensions and broader economic concerns. West Texas Intermediate crude fell below $67 a barrel as traders reacted to a potential peace dialogue between Presidents Trump and Putin regarding the Ukraine conflict, which has implications for global oil supply. Despite some support from military actions in the Middle East and positive economic data from China, overall market sentiment remained weak due to fears of reduced demand linked to ongoing trade wars and tariffs. Brent crude also saw minor gains but was tempered by these global economic uncertainties. Analysts highlighted that while geopolitical risks are present, they are currently overshadowed by fundamental economic challenges, including weak demand forecasts. As a result, there is a consensus that oil prices may continue to decline in the coming months.