Monday saw an extension of a drop in oil prices as they slipped by at least 3 percent in trading. Why? Experts say geopolitical concerns that were behind last week’s rally faded.
West Texas Intermediate crude ended the day down $2.09 or 3 percent at $62.85 a barrel for May futures on the New York Mercantile Exchange.
Brent crude futures on the London ICE Futures Europe exchange were down $1.84 before settling at $67.50 per barrel.
Natural gas ended the day on the NYMEX 6 cents lower and ended the day at $2.68 Mmbtu.
In part some of the blame for the drop might have been because trading volume was lower and many countries were still on Easter holiday.
Tensions have also eased between Saudi Arabia and Iran who are two of OPEC’s top three crude producers.
Some experts suggest oil prices have been cropped up by President Trump’s nomination of John Bolton to be his national security advisor and Iran hardliner Mike Pompeo to be secretary of State.