A view of oil wells at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024.
Oil prices extended last week's losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline.
"Worries over weak demand in China outweighed the extension of supply cuts by OPEC+," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that mixed signs from U.S. jobs data prompted some traders to adjust positions.
China last week set an economic growth target for 2024 of around 5%, which many analysts called ambitious without much more stimulus.
Tension is also escalating in Russia and its neighbors, raising fear about a potential escalation in conflict outside of Ukraine, NS Trading's Kikukawa said.
Persons:
Brent, Hiroyuki Kikukawa, Ismail Haniyeh, Kikukawa, Vladimir Putin
Organizations:
U.S, West Texas, NS, Nissan Securities, Organization of, Petroleum, Federal Reserve
Locations:
Jebel Dukhan, Bahrain, China, East, Russia, Hamas, Israel, OPEC, Gaza, Ukraine, France