Oil futures decline on ebbing concerns over wider Middle East conflict

International benchmarks for crude oil continued to inch lower on Monday, 22 April 2024 as traders focused on market fundamentals over immediate Middle East conflict concerns. Although the risk premium has been diminishing, oil traders foresee a tight supply-demand balance in the coming months, suggesting a strong market fundamentals.

Meanwhile, inflation's resurgence, highlighted by Fed comments and surpassing data, shifted focus to interest rate expectations. This prompted a recalibration in market sentiment.

Brent futures decreased by 29 cents or 0.33% to settle at $87.00/barrel.

WTI fell by 29 cents or 0.35% to settle at $82.85/barrel.