Oil prices increase losses despite tension between Mexico and the United States By Investing.com

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© Reuters.

Investing.com – Oil prices continued to fall Monday in Asia After falling 3% last Friday, in a context of tensions between Mexico and the United States.

The United States was down 1.1% to 52.91 USD at 12:20 (4:20 GMT). International fell 1.4% to $ 61.12.

Oil markets lost about 3 percent Friday after Trump promised to impose a tariff on all goods from Mexico, starting at 5 percent and then rising until the flow of people stopped.

"Oil prices slid on trade concerns after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, one of the United States' largest trading partners and a major supplier of crude oil, "said Mithun Fernando, investment analyst at Rivkin Securities, in a note cited by Reuters.

For the month, WTI lost 16% and Brent 11%, posting the worst monthly losses in six months.

Customs duties on Mexican imports, larger-than-expected crude inventory data, and the intensification of the US-China trade war were all cited as catalysts for the drop in oil prices.

The American Petroleum Institute will release Tuesday its weekly report on oil inventories, while the EIA is expected to release its report the next day.

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