WASHINGTON (dpa-AFX) - Oil prices fell in choppy trade on Monday as tariff worries offset improved China data and increasingly unclear prospects for peace in Ukraine.
Benchmark Brent crude futures dropped half a percent to $72.44 a barrel in European trade while WTI crude futures were down 0.6 percent at $69.36.
On the tariff front, U.S. Commerce Secretary Howard Lutnick on Sunday said that the tariffs on Mexico and Canada will go into effect as scheduled on Tuesday, but President Donald Trump will determine their exact levels before implementation.
Lutnick also indicated that an additional 10 percent tariff on Chinese imports remains on the table for Tuesday. China has already vowed to counter with all necessary measures.
Meanwhile, after the collapse of a hoped-for deal between Trump and Volodymyr Zelenskyy, doubts have emerged over whether the U.S. will be able to broker a peace deal between Russia and Ukraine.
The spat between Trump and Ukraine President Volodymyr Zelenskiy over the weekend resulted in Zelenskiy leaving without signing a planned mineral supply deal.
The European Union said it is ready to work with all European partners and other allies on a peace plan to Ukraine that will ensure a just and lasting peace for Ukrainian people.
Investors were also reacting to upbeat manufacturing data from China, the world's biggest crude importer.
An official factory survey showed on Saturday that China's manufacturing activity expanded at the fastest pace in three months in February. The Caixin manufacturing PMI jumped to 50.8 in February from January's 50.1.
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