Crude oil prices remained under pressure amid tariff and demand concerns.
Lingering uncertainty over U.S. tariff decisions could continue to dampen sentiment around forward demand.
As a result, traders could continue to monitor any developments on this front, in particular around deals with large economic blocs like the European Union.
At the same time, inventory figures have introduced more uncertainty. U.S. crude stocks posted a draw last week, but this was offset by builds in gasoline and distillate inventories, suggesting underlying demand may be underwhelming relative to seasonal expectations. Traders could turn to this week’s data for more indications on demand as stronger draws could support the market, while mixed or softer data could fuel more losses.
Meanwhile, the European Union’s latest sanctions package, aimed at restricting refined products derived from Russian crude processed in third countries, has so far failed to trigger a sustained price response, largely due to doubts over enforcement and circumvention risks.
