An oil platform in the Red Sea in Ras Behar region, Egypt on January 29, 2023.
Anadolu Agency | Getty Images
Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend.
Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday.
The front-month U.S. West Texas Intermediate crude futures, for February delivery, inched down 2 cents to $73.39 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at $72.95 a barrel, down 30 cents.
“This morning’s subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East,” IG analyst Tony Sycamore said.
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