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Oil prices fell on Monday, slashing last week’s gains amid fears of oversupply of oil supplies as trade tensions between the United States and China could hamper the economic recovery.
At 0800 GMT, intermediate futures for the western US crude oil. USA Texas fell $ 1.46, or 7.6 percent, to $ 18.27 a barrel.
Brent crude futures fell 90 cents, or 3.4 percent, to $ 25.54 a barrel, after hitting $ 25.53. Brent crude rose 23 percent last week after incurring losses for three consecutive weeks.
Markets received support last week as major oil producers led by Saudi Arabia and Russia were due to start cutting production on May 1, while the largest US producers, Exxon Mobil and Chevron, said they would cut production by 400,000. bpd this quarter.
But comments by U.S. President Donald Trump, which threaten to consider raising tariffs for China in response to the coronavirus outbreak, renewed fears that trade tensions could hamper an economic recovery and end gains in the price of Petroleum.
