FX.co ★ Oil Prices Slide In Volatile Trade On Demand Concerns

Oil prices fell in volatile trade on Monday as investors grappled with concerns that a sharp slowdown in global growth could depress demand.

Traders also awaited the outcome of G7 and OPEC+ meetings this week for directional cues.

Benchmark Brent crude futures dropped half a percent to $108.61 a barrel, while WTI crude futures were down 0.6 percent at $107.

Concerns persist about the risks of a global recession after a pair of U.S. central bankers supported further sharp interest rate hikes to stem rapid price rises.

Despite relaxing COVID restrictions and gradual business resumption in major cities such as Shanghai last month, China's industrial profits fell for a second month in May, data showed earlier today.

The G7 will discuss the prospect of reviving the Iran nuclear talks after two Iranian and European officials said that two issues including one on sanctions remained to be resolved. It is feared that the revival of the nuclear deal could lead to more Iranian oil exports.

OPEC is set to hold an ordinary meeting on June 29 followed by a meeting of OPEC and non-OPEC members on June 30.

It is expected that the group including Russia will likely stick to a plan for accelerated oil output increases in August.