Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%.
Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves.
Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%.
Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concern that the United States could enter a recession on “significant risk” of a historic default within the first two weeks of June.
Investors sought safe havens such as the U.S. dollar, strengthening the currency which makes dollar-denominated commodities more expensive for holders of other currencies.
