Oil & Gas

Oil prices dipped on Monday as investor sentiment was dampened by troubling signs from both the United States and China the world’s largest oil consumers. Moody’s downgrade of the U.S. sovereign credit rating raised alarm about the country’s fiscal outlook, while China’s official data revealed slower-than-expected growth in industrial output and retail sales. Brent crude fell by 57 cents to $64.84 a barrel, and U.S. West Texas Intermediate (WTI) slipped 54 cents to $61.95. Analysts noted that despite last week’s price gains driven by tariff rollbacks between the U.S. and China, the latest economic signals are casting doubt on future demand.

Adding to the market’s uncertainty were fresh comments from U.S. Treasury Secretary Scott Bessent, who reiterated the threat of tariffs against trade partners not negotiating in “good faith.” Meanwhile, ongoing nuclear talks between the U.S. and Iran remain inconclusive, with U.S. envoy Steve Witkoff demanding Iran cease uranium enrichment a condition Tehran immediately criticized. Oil analysts suggest the lack of clarity in these negotiations could keep oil markets volatile in the months ahead. Amid these factors, investors are navigating a landscape where geopolitical tensions and macroeconomic pressures are deeply influencing energy prices.