U.S. West Texas Intermediate crude was at $64.46 a barrel,
Brent crude futures fell 11 cents, or 0.2%, to $64.77 per barrel
On Friday, the national average of gasoline sat at $3.21 per gallon
Brent futures were up $1.82, or 2.9%, to $64.64 a barrel
The scenario has presented a case for a global recession
Oil was already reeling from last week’s market surprise
Markets are still digesting tariffs
Investors shrugged off mostly bearish U.S. government crude inventory data
U.S. President Donald Trump plans to announce reciprocal tariffs
Brent crude futures dropped 11 cents to $73.68 a barre
Price gains were however capped by news that OPEC+' will likely proceed with planned May oil output hike
Brent was on track to rise more than 2%
The US on Thursday issued new Iran-related sanctions
The Israeli military resumed ground operations
Russia produced about 9.2 million barrels per day (bpd) of crude in 2024
Every shot fired by the Houthis will be looked upon
OPEC+ increased its production by 363,000 barrels per day in February
U.S. gasoline inventories fell by 5.7 million barrels
Deputy Prime Minister Alexander Novak told reporters that the OPEC+ producer group will go ahead with its April increase
Downside risks on demand will likely be greater than supply side risks
U.S. West Texas Intermediate (WTI) crude was off $1.19 a barrel
The International benchmark Brent crude traded at $72.73 per barrel
Data from the U.S. showed consumer confidence deteriorated at its sharpest pace
The US has $36.5 trillion in debt
Oil prices also saw support from reports that the G7 is considering tightening the price cap on Russian oil exports
The damage to the CPC infrastructure would lower the transit oil volumes
The oil price selloff accelerated last week
The decline follows three days of gains when oil prices climbed nearly 4%.
Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald Trump's latest tariff plans
The US unemployment rate held firm at 4%