NNA - Due to weakening demand, oil prices declined for the second consecutive day on Monday. 

Brent crude decreased by 41 cents, or 0.5 percent, bringing its price to US$78.15 per barrel as of 01:05 GMT. On Friday, Brent crude already dipped by 54 cents. On the other hand, the U.S. West Texas Intermediate (WTI) crude futures, scheduled for February delivery, declined to $73.39 per barrel. This reflects a modest loss of 2 cents. Meanwhile, the more actively traded March WTI contract was priced at $72.95 per barrel, representing a 30-cent decrease.

Ongoing geopolitical tensions are a primary driver behind lower demand for oil. IG Analyst Tony Sycamore said, “This morning’s subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East.”--agencies 

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