WTI Crude:Oil declined by over 1.5% to below $90 per barrel on Monday, extending a 1.4% loss in the previous week, as the market risks a double-whammy of a slow demand and supply boost.
On Sunday, US President Joe Biden spoke with leaders from France, Germany and the UK about reviving the 2015 nuclear deal, which could boost Iranian oil exports by about 2.5 million bpd.
Oil and other commodities have been declining since June over escalating fears of a global economic slowdown, as major central banks stem demand with aggressive rate hikes to tame surging inflation.
Meanwhile, top importer China remains mired in economic woes, with the Sichuan province extending industrial power cuts and activating its highest emergency response on Sunday to deal with electricity shortages
