Oil Prices Near Three Month Lows

Oil prices slumped to three-month lows on Monday and the bearish sentiment not expected to shift any time soon thanks to a crisis in Greece, the stocks rout in China and Iran supply fears.

Benchmark Brent crude oil futures fell more than 2 percent to as low as $58.90 a barrel, while U.S. crude futures tumbled almost 5 percent to about $54.32.  Amrita Sen, chief oil analyst at Energy Aspects consultancy, told CNBC that Brent crude could fall to $55, while U.S. oil prices could weaken to the low-$50s-a-barrel range.

“This is all about the macro picture right now – Greece, the Chinese stock market and the stronger dollar, which are all having a big, big, impact on oil,” she said.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.