Oil prices hit by worries of sharp economic slowdown | ZAWYA MENA Edition

Oil prices hit by worries of sharp economic slowdown | ZAWYA MENA Edition:

Oil prices slipped on Monday, with concerns of a sharp economic slowdown overshadowing support from tighter supply due to OPEC's production cuts and U.S. sanctions on Iran and Venezuela.

Brent crude oil futures were down 36 cents, or 0.54 percent, at $66.67 per barrel at 1200 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were at $58.75 per barrel, down 29 cents, or 0.49 percent.

Both crude oil price benchmarks closed down last week after briefly hitting their highest since November 2018.