U.S. Oil Dips Below $60 On Renewed Demand Concerns

Oil prices dropped early on Monday, as renewed concerns about oil demand had the market rethink whether last week’s OPEC+ decision to ease the production cuts by more than 1 million bpd over the next three months was a wise move amid still fragile demand recovery. As of 9:19 a.m. EDT on Monday, WTI Crude prices had dipped below $60 a barrel and traded at $59.86, down 2.42 percent. Brent Crude was down 2.41 percent at $63.20.   “Markets got off to a slow start after a long weekend, digesting last Thursday’s decision by OPEC+…