Oil prices drop ahead of fresh economic data from US

By Zeynep Beyza Kilic

ANKARA (AA) - Oil prices declined on Monday ahead of this week's OPEC meeting and the release of economic data from the US, the world's largest oil consumer.

International benchmark Brent crude was trading at $75.25 per barrel at 10.08 p.m. (0708GMT) on Monday, down 0.21% from the previous closing price of $75.41 per barrel.

The American benchmark West Texas Intermediate (WTI) traded at $70.46 per barrel at the same time, posting a 0.25% drop from the last session that closed at $70.64 a barrel.

Although no decision on production is expected at this week's OPEC meeting, the conclusion is anticipated to offer direction on the future of the oil market at a time when fears about low demand remain.

Last month, OPEC announced that it would continue its decision to make voluntary cuts of approximately 1.6 million barrels per day through the end of the year. Saudi Arabian Energy Minister Abdulaziz bin Salman also said his country would voluntarily cut an additional 1 million barrels per day of oil in July, which could be extended.

Data reported last week in the US alleviated recession fears and supported the surge in oil prices. Fears of rising US interest rates and weakening demand, on the other hand, continue to weigh on oil prices.

Market investors will await new economic data from the US, as the Federal Reserve’s (Fed) meeting this week will discuss its interest rate policy.