Oil prices drop 2% on US-Iran talks progress and demand fears

From Yahoo Finance: 2025-04-20 18:23:00

Oil prices dropped over 2% on Monday due to progress in U.S.-Iran talks, with Brent crude at $66.26 a barrel and WTI crude at $63.08. Discussions about a potential nuclear deal show promise, despite U.S. sanctions on a Chinese refinery processing Iranian oil. Gold prices hit a record high, impacting energy markets, as Wall Street indexes fell over 1%. OPEC+ plans to boost output in May, but cuts from overproducing countries may offset gains. A Reuters poll indicates looming economic slowdown in the U.S. due to tariffs, prompting concerns about a possible recession. Data releases this week will offer insight on the economy’s direction.



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