Doha: Oil prices slipped in early trade on Monday, extending losses from last week. Brent futures fell 20 cents, or 0.3%, to $74.23 a barrel, while US West Texas Intermediate crude futures lost 28 cents, or 0.4%, to $70.12 a barrel. Both contracts dropped by more than $2 on Friday, posting weekly declines as well.
According to Qatar News Agency, the decline in prices comes as traders weigh concerns about global economic growth and its impact on oil demand. The dip in prices adds to the bearish sentiment in the market, which has been affected by various geopolitical and economic factors influencing trading dynamics.