Brent Slips Below $102 as Geopolitical Tensions Persist
Oil prices continued to decline on Monday, with Brent crude slipping to around USD 101 per barrel. This marks an extension of losses from the previous session, where it settled 0.91% lower. The US West Texas Intermediate (WTI) crude also fell by 1.58%, trading at around USD 99.41 a barrel.
Ponmudi R, CEO of Enrich Money, noted that Indian equity markets are likely to open on a flat note, with GIFT Nifty holding above 23,300 against the Nifty 50's previous close of 23,346. He added that geopolitical risks remain a key source of uncertainty, particularly in the Middle East and regional energy supplies.
The Houthis claimed responsibility for fresh attacks on Saudi Arabia's capital, Riyadh, with missiles and drones targeting 'sensitive' sites on Saturday. The group also attacked an Aramco facility in Yanbu, a key oil export hub on the Red Sea. Despite this, oil prices continued to fall.