Oil prices extend drop as trade wars stoke global economic fears

Oil prices fell more than 1% on Monday to extend losses of over 3% from Friday, when crude markets racked up their biggest monthly losses in six months amid stalling demand as trade wars fanned fears of a slowdown in the global economy, Trend reports citing Reuters.

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.97 at 0044 GMT. That was $1.02 cents, or 1.7%, below last session’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.71 per barrel, down 79 cents, or 1.5%.

The drops followed price slumps of more than 3% on Friday, which made May the worst-performing month for crude futures since last November.