Oil falls as trade war raises recession fears

Oil prices fell on Monday, pushing U.S. crude to its lowest in more than two weeks, as an intensifying U.S.-China trade war knocked confidence in the global economy. Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since Aug. 15.

U.S. oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.

Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China.