Oil prices fell more than 2 % on Monday amid signs of progress in nuclear talks between the United States and Iran and concerns about the global economic conditions associated with definitions.
Brent crude decreased $ 1.54, or 2.3 %, to 66.42 dollars a barrel by 1230 GMT, while the West United States of Texas Intermediate fell $ 1.58, or 2.4 %, to $ 63.10 a barrel.
The decline follows a previous price increase on Thursday, which was characterized by the last trading session of the week due to the great Friday holiday. According to the ongoing negotiations between the United States and Iran, the two sides agreed to formulate a framework for a possible nuclear agreement.
This has sparked the possibility of increasing Iranian crude supplies by returning to global markets.
The development came after the United States imposed additional sanctions on a Chinese oil refinery accused of treating Iranian crude and intensifying pressure on Tehran.
Meanwhile, market activity remained defeated by the Easter holiday, which contributes to volatility. Oil prices were also affected by the broader economic certainty caused by global tariff policies, which are expected to weigh the demand for fuel.
The dynamics of supply also turns, as the OPEC+ alliance has been scheduled to increase production by 411,000 barrels per day starting in May. However, the total supply increases may be supervised by production cuts from member countries that currently exceed their shares.
In the United States, the economic data versions scheduled for this week are expected to provide an additional view of the impact of definitions on the manufacturing and services sectors. The United States remains the largest oil consumer in the world, making local economic conditions a major factor in global demand expectations.
