Oil prices fall 1% as global demand concerns grow - Reuters

Oil prices fall 1% as global demand concerns grow - Reuters:

Oil prices fell nearly 1% on Monday after comments from a U.S. official fed concerns surrounding the U.S.-China trade war, adding to worries that a slowing global economy would reduce demand for oil.

Brent crude LCOc1 futures fell 46 cents, or 0.8%, to settle at $58.96 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 47 cents, or 0.9%, to settle at $53.31 a barrel.

Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November’s APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month.