Oil Prices Continue Downward Spiral Amid Market Chaos

Oil markets have kicked off the new week on the back foot with the oil price selloff deepening amid a raft of bearish catalysts. Brent crude for May delivery fell 1.38% to trade at $69.39 per barrel at 1.44 pm ET on Monday, while WTI crude for April delivery declined 1.37% to change hands at $66.12 per barrel. The oil price decline comes as a reversal after crude oil futures rose sharply on Friday but still finished with another week of losses thanks to OPEC's decision to go ahead with production increases starting in April, uncertainty over U.S.…