Oil prices fell on Monday as concern about the impact of U.S. import tariffs on global economic growth and fuel demand, as well as rising output from OPEC+ producers, cooled investor appetite for riskier assets.
Brent crude fell 31 cents, or 0.4%, to $70.05 a barrel by 0445 GMT after settling up 90 cents on Friday. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 35 cents, or 0.5%, after closing 68 cents higher in the previous trading session.
WTI declined for a seventh successive week, the longest losing streak since November 2023, while Brent was down for a third consecutive week after U.S. President Donald Trump imposed then delayed tariffs on its key oil suppliers Canada and Mexico while raising taxes on Chinese goods.
China retaliated against the U.S. and Canada with tariffs on agricultural products.
“Tariff uncertainty is a key driver behind the weakness,” ING analysts said in a note, adding that oil price cuts from Saudi Arabia and deflationary signals from China also hurt sentiment.
