WTI crude oil futures fell to the $66.5 per barrel mark on Monday, near the six-month low of $66.3 from two sessions prior amid the outlook of weaker demand and ample supply. US President Donald Trump and Treasury Secretary Scott Bessent signaled that the US could have a period of economic hardship in the medium term due the their unleashing of trade wars with Canada, China, and Mexico, in addition to pledges of aggressive cuts in public spending. In China, fresh data showed that both consumer and producer prices fell more than expected in February, raising concerns that consumption for goods is not being impacted by stronger credit. This magnified the impact of the agreement by OPEC+ to proceed with oil output hikes as early as April following members' difficulty in meeting their output cut pledges. Supply was also aided by the Trump's friendly rhetoric with Moscow, raising expectations that sanctions on Russian oil may be lifted.
Source: Trading Economi
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