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Oil prices fell on Monday as fears of an economic slowdown and a trade war between China and the United States had led to a reduction in growth expectations of global crude oil demand.
Brent crude futures were at $ 58.40 per barrel, down 13 cents or 0.2% from the previous settlement.
The WTI futures price (West Texas Intermediate) was $ 54.33 per barrel, down 17 cents (0.3%) from the previous close.
Futures on Brent and WTI tumbled last week, down more than 5% for Brent and down 2% for West Texas Intermediate.
The US-China trade dispute rocked global equity markets last week and a sudden increase in crude oil inventories in the US put downward pressure on oil prices, which lost 20 About 2019 and peaked in April.
Goldman Sachs said Sunday in a memorandum that concerns over a trade war between the US and China leading to a recession were growing and that he expected the two countries to fail to reach a agreement before the US presidential election of 2020.
The International Energy Agency (IEA) said on Friday that growing signs of an economic slowdown and escalating trade disputes had slowed the growth in global oil demand in the US. the slowest pace since the 2008 financial crisis.
The Parisian agency lowered its growth forecast for global oil demand in 2019 and 2020 to 1.1 million and 1.3 million barrels per day, respectively.
At the same time, two sources close to data from the Russian Ministry of Energy said that oil production in Russia reached 11.32 million barrels a day between August 1 and 8, against an average of 11.15 million barrels in July.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed in July to extend their supply cuts until March 2020 to support crude prices.
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