Oil under pressure as U.S.-China trade war weighs
Oil prices were under pressure on Monday following their biggest drops this year the week before, as concerns the Sino-U.S. trade war could trigger a broad economic slowdown dragged, although OPEC’s supply cuts provided some support, Trend reports citing Reuters.
U.S. West Texas Intermediate (WTI) crude futures were at $58.42 per barrel at 0412 GMT, down 21 cents, or 0.4%, from their last settlement.
Front-month Brent crude futures, the international benchmark for oil prices were firmer, at $68.73 per barrel, 4 cents above their last close.
Both crude contracts last week registered their biggest price declines this year amid concerns that the U.S.-China trade dispute could accelerate an international economic slowdown.