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Oil fell by more than 2% on Monday, pressured by a rise in Russian production, expectations that Saudi Arabia will cut prices of the crude it sends to Asia and a deepening trade spat between China and the United States.
Brent crude fell $1.70, or 2.5%, to settle at $67.64 a barrel. That was the lowest level since 21-Mar'18. U.S. crude lost $1.93, or 3%, to settle at $63.01, its lowest since 20-Mar'18.
Saudi Arabia was expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude.
Production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have lifted oil prices in the past year. Despite the supply cut agreement, Russian output rose in Mar'18 to 10.97 million bpd from 10.95 million bpd in Feb'18.Increasing trade friction between China and the U.S. is likely to rock global markets and tarnish bullish sentiment in crude oil markets.
Brent crude fell $1.70, or 2.5%, to settle at $67.64 a barrel. That was the lowest level since 21-Mar'18. U.S. crude lost $1.93, or 3%, to settle at $63.01, its lowest since 20-Mar'18.
Saudi Arabia was expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude.
Production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have lifted oil prices in the past year. Despite the supply cut agreement, Russian output rose in Mar'18 to 10.97 million bpd from 10.95 million bpd in Feb'18.Increasing trade friction between China and the U.S. is likely to rock global markets and tarnish bullish sentiment in crude oil markets.
