Oil prices continue to decline amidst economic uncertainty.

Oil prices fell due to concerns about fuel demand in the US and China, despite bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in US buying for reserves. Investors sought safe havens such as the US dollar, making dollar-denominated commodities more expensive for holders of other currencies. However, global crude supplies could tighten in the second half as OPEC+ is making additional output cuts that are reducing sour crude availability. The US could start repurchasing oil for the Strategic Petroleum Reserve after completing a congressionally mandated sale in June.