Oil Prices Drop Amid Global Economic Concerns

West Texas Intermediate crude fell to $66.76 per barrel, marking the seventh consecutive weekly decline amid worries about U.S. tariffs impacting global growth and fuel demand.

Oil prices fell on Monday due to decreased investor appetite for high-risk assets because of concerns over the impact of American tariffs on global economic growth and demand for fuel. According to reports, the price of American crude oil WTI fell by 28 cents or 0.4% to $66.76 per barrel. At the same time, Brent dropped by 25 cents or 0.4%, reaching $70.11 per barrel.

The WTI oil prices fell last week for the seventh consecutive week, marking the longest losing streak since November 2023. According to statistics, OPEC+ production cuts are set to continue.

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