WASHINGTON (dpa-AFX) - Oil prices fell to six-month lows on Monday as worries about global economic growth and fears of a U.S. recession fueled demand concerns.
Rising output from OPEC+, and continued uncertainty about U.S. tariffs weighed as well on oil prices.
Data showing a larger than expected drop in China's exports and an unexpected sharp decline in imports, has raised concerns about the outlook for oil demand from the world's second largest economy.
Last week's data showed both consumer prices and wholesale prices dropped in China in February.
West Texas Intermediate Crude oil futures settled lower by $1.01 or about 1.5% at $66.03 a barrel, the lowest settlement since September 10, 2024.
Brent crude futures were down $1.17 or 1.66% at $69.19 a barrel a little while ago.
Investors eye potential disruptions to the commodity's supply chain after U.S. President Donald Trump warned of imposing sweeping banking sanctions and tariffs on Russia until there is a ceasefire and peace agreement.
'Based on the fact that Russia is absolutely 'pounding' Ukraine on the battlefield right now, I am strongly considering large-scale banking sanctions, sanctions, and tariffs on Russia until a ceasefire and final settlement agreement on peace is reached,' Trump wrote on the Truth Social media platform.
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