Oil prices declined on Monday as investors worried that persistent trade tensions between the United States and its trade partners could reduce global crude demand.
Global equities suffered big losses last week due to concerns about corporate earnings, and fears over the escalating trade tensions, which raised concerns over a potential slowdown in energy demand.
Rising U.S. oil output also dampened investor sentiment. The number of rigs operating in U.S. oil fields rose by two to a total of 875 rigs last week, marking the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for December delivery decreased 0.55 U.S. dollar to settle at 67.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.28 dollar to 77.34 dollars a barrel on the London ICE Futures Exchange.
Global equities suffered big losses last week due to concerns about corporate earnings, and fears over the escalating trade tensions, which raised concerns over a potential slowdown in energy demand.
Rising U.S. oil output also dampened investor sentiment. The number of rigs operating in U.S. oil fields rose by two to a total of 875 rigs last week, marking the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for December delivery decreased 0.55 U.S. dollar to settle at 67.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.28 dollar to 77.34 dollars a barrel on the London ICE Futures Exchange.
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