Oil prices fall on demand concerns, U.S.-China trade tension - Reuters

Oil prices fall on demand concerns, U.S.-China trade tension - Reuters:

Oil prices fell on Monday, paring last week’s gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell as low as $18.10 a barrel earlier in the session and were down $1.01, or 5.1%, at $18.77 at 0658 GMT. The benchmark contract rose 17% last week.

Brent crude LCOc1 futures were down 10 cents, or 0.4%, at $26.34, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses.

“As optimism fades around global growth prospects, oil is giving up (last week’s) gains, aided by a strengthening U.S. dollar,” said Michael McCarthy, chief market strategist at CMC Markets.