SINGAPORE – Oil prices fell on Monday as worries about fuel consumption in the world’s two largest users, the United States and China, outweighed optimistic optimism about tightening supply from potential OPEC+ cutbacks and a restart of US purchases for reserves.

Brent crude futures were down 62 cents, or 0.84%, to $73.55 a barrel at 0348 GMT, while US West Texas Intermediate crude was down 56 cents, or 0.8%, to $69.48 a barrel.

Both benchmarks fell for the fourth week in a row last week, the longest stretch of weekly drops since September 2022, as investors worried that the United States will enter a recession due to the “significant risk” of a historic default during the first two weeks of June.

“The village of Youlou in the department of Cheriba, Mouhoun province, suffered a cowardly and barbaric terrorist attack,” he stated.

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