As economic worries outweigh the prospect of fewer supplies, oil prices decline.

SG – Singapore On Monday, oil prices declined as concerns about gasoline consumption in the world’s two biggest consumers, the United States and China, offset positive expectations about a tightening of supply due to probable OPEC+ production cuts and a restart of US purchases for reserves.

In contrast to US West Texas Intermediate crude, which down 56 cents, or 0.8%, to $69.48 per barrel at 0348 GMT, Brent crude futures were down 62 cents, or 0.84%, to $73.55 per barrel.

Last week, both indexes had their longest run of weekly declines since September 2022 as investors feared that the US may experience a recession as a result of the “significant risk” of a historic default during the first two weeks of June.

In the Mouhoun province’s Cheriba department, the community of Youlou, he said, “suffered a cowardly and barbaric terrorist attack.”