Oil prices saw a notable dip on Monday, falling by more than 1.5%, as concerns over the US tariffs imposed on its trade partners sparked fears of economic headwinds that could dent demand for oil in global markets.
Brent crude, the benchmark for two-thirds of the world’s oil, slid by 1.63%, dropping to $66.85 per barrel by 9:23 AM UAE time. Meanwhile, West Texas Intermediate (WTI), the gauge that tracks US crude, also saw a decline, falling by 1.7% to $63.58 per barrel.
The US President Donald Trump announced sweeping tariffs on its trading partners, which has raised concerns that such protectionist measures could cause a slowdown in the global economy, thereby impacting oil demand.
IMF managing director Kristalina Georgieva indicated last week that the revised growth projections would include notable markdowns, although she assured that a recession was not anticipated at this time.
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