Oil prices were close to eight-month lows on Monday as concerns about a potential recession in the United States, the world’s biggest oil user, outweighed concerns about the potential impact of escalating tensions in the Middle East on supply from the main producing region. Brent crude futures experienced a minor decline of 4 cents, or 0.1%, to $76.77 a barrel.
In a turbulent week, Brent and WTI fell more than 3% to close at their lowest levels since January on Friday, despite concerns about growing tensions in the Middle East. Poor economic news from all around the world put pressure on oil prices because of worries that gasoline consumption would decline with a slow global economic recovery.
According to data released last week, the U.S. economy added fewer jobs last month than anticipated as manufacturers in China, Europe, and the U.S. struggled with weak demand. Global oil prices are being affected by China’s declining diesel usage, which is the country’s primary source of increased oil demand worldwide.
