Oil prices increased slightly on Monday.
After surging about 2.3% over the weekend, oil prices posted only a modest gain that day as OPEC lowered its expectations for global oil demand growth.
In its monthly oil market report, OPEC revised its forecast for global oil demand growth this year and next year to 1.3 million barrels per day, down by approximately 150,000 barrels per day.
This adjustment reflects growing concerns that U.S. President Donald Trump’s ongoing trade disputes could heighten economic uncertainty and slow global economic growth.
OPEC also trimmed its global economic growth forecasts for this year and next by 0.1 percentage points to 3% and 3.1%, respectively.
With expectations of slowing global growth and weakening oil demand, the upward momentum in oil prices has significantly diminished.
Despite gains in the New York stock market and increased demand for risk assets, oil price increases remained modest.
Brent crude, the international oil benchmark, settled at $64.88 per barrel for June delivery, up $0.12 (0.19%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), also inched up, with the May contract rising $0.03 (0.05%) to close at $61.53 per barrel.
