Oil prices drop lower, weighed down by gloom over global economy
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.
