NextGen Day

Prior to the release of crucial US inflation data later this week, oil prices dropped on Monday, raising concerns about an impending recession in the nation.

At 09:55 a.m. local time (06:55 GMT), the price of international benchmark Brent crude was $85.56, down 0.96 percent from the previous trading session’s closing price of $86.39 a barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at $78.86 per barrel at the same time, down 1.07 percent from the previous session’s closing price of $79.72.

The announcement of US inflation figures put pressure on oil prices. Markets will pay close attention to macroeconomic data this week, particularly the US consumer price index (CPI) and remarks from US Federal Reserve (Fed) officials.

Concerns about the need for oil were increased by feelings of growing inflation, which led to a drop in prices.

The world’s largest oil importer, China, saw its economic activity pick up, which increased expectations for a resurgence in demand while containing price decreases.

Concerns over the supply were sparked by Russia’s announcement in March to reduce oil production by 500,000 barrels.

Aleksandr Novak, the deputy prime minister of Russia, issued a statement the previous week warning that supply issues on the market could result from price limitations imposed by Western nations on Russian oil and petroleum products.

Novak reiterated that Russia would cut production to keep the market in balance but added that it would not sell oil to countries who set a price cap.

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