Oil Prices Dip as OPEC Moves to Boost Output Amid Trade Deal Uncertainty

Oil prices dipped as OPEC plans to boost output overshadowed trade deal hopes between the United States and China, alongside renewed sanctions on Russia affecting the market.

• On Monday, Brent Crude futures fell by 32 cents to $65.62 a barrel, while West Texas Intermediate crude settled at $61.31 after a 19-cent drop, reflecting market uncertainty.
• OPECs strategy to increase oil output comes in the wake of ongoing trade negotiations between the United States and China, which remain uncertain amid fluctuating tariffs.
• The decline in the price of oil is compounded by recent United States sanctions against Russia, which are part of the international sanctions during the Russo-Ukrainian War impacting global petroleum markets.