Oil prices drop as US-China trade war fuels growth concerns

Oil prices fell on Monday amid concerns about weaker crude demand after U.S. President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade war between the world’s two largest economies.Tensions in the Middle East offered some support to prices, with Iran seizing a tanker that it said was smuggling fuel.

Brent crude was down 50 cents, or 0.8%, at $61.39 a barrel by 0029 GMT.U.S. crude was down 24 cents, or 0.4%, at $55.42 a barrel.Both of the benchmarks fell last week, with Brent dropping more than 2% and U.S. crude ending the week around 1% lower.”Oil demand has disappointed … in 2019 due to weaker economic activities, unfavourable weather and trade tensions,” Goldman Sachs said in a research report.