Global crude oil benchmarks traded lower on Monday, extending last week’s bearish momentum as traders weighed weakening demand signals against steady supply flows. The market opened to noticeable pressure, with Brent Crude often considered the price setter for international trade dragging sentiment into negative territory. The softer outlook reflects ongoing macroeconomic uncertainty, increased refinery maintenance cycles, and cautious positioning among commodity funds.
Brent Crude Sets a Bearish Tone
Brent Crude slipped 1.38% to $62.87, signalling renewed fragility across the global market. The benchmark struggled under the weight of subdued refining margins in Europe, slower procurement from Asian buyers, and expectations that OPEC+ may keep output levels steady despite concerns about oversupply. Analysts say Brent’s decline highlights a market adjusting to weaker industrial activity and shifting trading patterns, particularly as the stronger dollar continues to challenge purchasing power in emerging markets.
WTI and Murban Extend the Decline
Following Brent’s slide, WTI Crude fell 1.43% to $59.22, dipping further below a key psychological support level. Traders attribute the drop to rising U.S. crude inventories and softer gasoline demand, which typically weighs on upstream sentiment.
In the Middle East, Murban Crude posted the largest loss, dropping 1.62% to $64.54. Its decline mirrors reduced buying interest from Asian refiners who are recalibrating orders amid slower manufacturing output. The trend underscores a broader cooling in regional energy demand.
Natural Gas Suffers the Sharpest Hit
Natural Gas recorded the biggest loss of the session, plunging 6.14% to $4.964. Milder temperature forecasts across key consuming regions have cut heating demand projections, while strong production levels continue to widen the supply-demand imbalance. Market experts warn that unless weather-driven demand spikes, gas prices may remain under downward pressure.