Baghdad: Oil prices rose on Monday, supported by geopolitical tensions in Europe and the Middle East, but the possibility of increased oil supply and concerns about the impact of tariffs on global fuel demand limited gains. Brent crude futures rose 28 cents, or 0.42%, to $66.96 a barrel by 01:18 GMT. US West Texas Intermediate (WTI) crude rose 20 cents, or 0.32%, to $62.88.
According to National Iraqi News Agency, Brent and WTI crude closed down more than 1% last Friday, recording a slight decline for the week, as concerns about ample supply and weak demand overshadowed expectations that the Federal Reserve’s first interest rate cut this year would stimulate more consumption.