Oil set for biggest monthly fall since November as trade conflicts spread

Sydney/Singapore: Oil prices fell on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels.

Front-month Brent crude futures, the international benchmark for oil prices, were at $66.28 at 0311 GMT, down by 59 cents, or 0.9%, from last session’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $56.08 per barrel, down 51 cents, or 0.9%, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.

The drops mean that crude oil futures are on track for their biggest monthly loss since last November.