Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth, while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.
Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents.
Both contracts ended last week with a more-than-5 per cent decline after dismal manufacturing data from the US and China, as the lingering row between the world’s top economies hurts global growth and raises the risk of recession.
