Oil fell a second day, tracking a plunge across wider equity markets and other risk assets.
West Texas Intermediate dropped below $66 a barrel after sliding 1.5% on Monday, with Brent crude closing near $69.
Investors retreated from every type of risk on Monday with economic fear racing across markets as US President Donald Trump presses on with tariff measures and geopolitical shakeups.
Oil has fallen almost a fifth from a high in mid-January as Trump's chaotic rollout of tariff hikes and push to slash federal spending darken the economic outlook in the biggest producer and consumer of crude.
Other bearish factors include OPEC+ plans to add supply and weakening demand in China, the biggest importer, where Beijing told refiners to pivot away from making mainstay fuels like diesel and gasoline.
Monday's flight to safety also saw the US dollar snap a five-day losing streak, making commodities priced in the currency less attractive for many buyers.
WTI for April delivery fell 0.5% to $65.69 a barrel at 7:25 a.m. in Singapore.
Brent for May settlement closed 1.5% lower at $69.28 a barrel.
Source: Bloomberg
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...