Oil prices fell sharply at Monday’s open, extending losses after a $5.00 gap down from Friday’s $89.00 close.
West Texas Intermediate crude settled just above $81.00 on Monday, marking a near 9% decline from Friday’s close near $89.00. The drop followed a $5.00 gap lower at the open, with prices failing to recover during the session.
The move extends a volatile week for oil, which had previously traded near multi-month highs. Market participants cited weak demand signals and oversupply concerns as key drivers behind the sell-off.
No immediate market reaction data was provided, but the sharp decline suggests heightened risk aversion among traders.