Oil prices dropped on Monday as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC’s production cutbacks and US sanctions on Iran and Venezuela.
Brent crude oil futures were at $66.52 per barrel at 0102 GMT, down 51 cents, or 0.8 per cent, from their last close. US West Texas Intermediate (WTI) futures were at $58.42 per barrel, down 63 cents, or 1.1 per cent, from their last settlement. Both crude oil price benchmarks have slumped by more than 3 per cent since last week hitting their highest since November 2018.
Concerns about a potential US recession resurfaced late last week after bearish remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.
