Oil prices fell more than 1% on Monday, extending losses of over 3% from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.
Front-month Brent crude futures were at $61.12 at 04:44 GMT. That was 87 cents, or 1.4%, below Friday’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $52.91 per barrel, down 59 cents, or 1.1% from its last settlement.
The drops followed price slumps of more than 3% on Friday, which made May the worst-performing month for crude futures since last November.
Source : Reuters