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Oil prices slipped in Asian trading on Monday, extending last week's losses as weak U.S. economic data fueled concerns over slowing demand. Brent crude fell 0.3% to $74.24 per barrel, while WTI declined 0.4% to $69.97.
Recent U.S. data pointed to a potential economic slowdown, weighing on oil markets. February’s Services PMI dropped to 50.4 from 52.7 in January, signaling weaker private-sector growth. Meanwhile, the University of Michigan’s consumer sentiment index hit a 15-month low at 64.7, reflecting inflation worries and proposed tariffs.
Investors are also closely watching peace negotiations between Russia and Ukraine, which could impact global energy markets. The U.S. is mediating talks, with President Donald Trump engaging in high-level discussions. However, Ukrainian President Volodymyr Zelenskyy insists on Ukraine’s direct involvement. A peace deal could ease sanctions on Russian energy exports, boosting oil supply and potentially lowering natural gas prices in Europe.
Despite the dip, supply disruptions limited further losses. The Caspian Pipeline Consortium (CPC) saw reduced oil flows of 30-40% after a Ukrainian drone struck Russia’s Kropotkinskaya pumping station. Meanwhile, OPEC+ is considering postponing planned production hikes initially set for April, further tightening supply.
With economic concerns dampening demand and geopolitical factors influencing supply, oil markets remain volatile. Investors will monitor upcoming economic reports and diplomatic developments for further price direction.
