Oil Continues to Fall as U.S. Economic Outlook, Iran Talks in Focus
Oil steadied after falling, with signs of strain in the U.S. economy amid a simmering trade war and talks with Iran in focus.
West Texas Intermediate crude was trading near $62 a barrel after falling 1.5% on Monday, with Brent crude closing below $66. A widely referenced gauge of U.S. manufacturing activity weakened significantly, adding to signs of drag from President Donald Trump’s tariffs. A slew of economic data due this week will shed more light on the situation.
Geopolitics remains at the forefront, with talks underway between Washington and Tehran that could potentially see curbs on Iranian oil eased over time. Discussions on the Islamic Republic’s atomic activities have shown signs of progress, with Iran also pitching its sanctions-hit economy as an investment opportunity. (Newsmaker23)
Source: Bloomberg