Oil prices fell on Monday, pushing U.S. crude to its lowest in more than two weeks, as a ratcheting up of tensions in the U.S.-China war knocked confidence in the global economy.
Brent crude was down 89 cents, or 1.5%, at $58.45 a barrel by 0044 GMT, having earlier touched $58.24, the lowest since Aug. 15.
U.S. oil fell $1, or 1.8%, to $53.17 a barrel, earlier falling to $52.96, the lowest since Aug. 9.
Oil prices are being hit "in large part because of worries about a severe global economic slowdown and potentially even a U.S. recession," said Stephen Innes, managing partner at Valour Markets.
Concerns about an economic slowdown are being fanned by the intensifying trade war between the United States and China.
Source : Reuters