International oil prices took a sharp dive on Monday.
After two consecutive days of gains on April 24 and 25, prices retreated following the weekend break, erasing all previous advances.
The downturn in oil prices came as China reaffirmed that trade negotiations with the United States are currently at a standstill.
U.S. Treasury Secretary Scott Bessent, who had previously expressed optimism about a potential trade deal with China, retreated, stating that progress now depends on China’s willingness to engage.
Brent crude, the global oil benchmark, settled at 65.86 USD per barrel for June delivery, shedding 1.01 USD (1.51%) from the previous session.
This brings prices back to levels last seen on April 16, when Brent closed at 65.85 USD.
The U.S. benchmark, West Texas Intermediate (WTI), also slipped, with the June contract closing at 62.05 USD per barrel, down 0.97 USD (1.54%).
