Brent falls on weak global demand outlook

Brent extended its losses as the US market opened today, heading for the first loss in last three days, as the recovery attempts from a 7-month low stopped, on lower global demand forecasts amid global economic slowdown signs and the US-China trade war.

As of 12:33 GMT, Brent fell to $58.05 a barrel, from the opening of $58.38, with a high of of $58.52, and a low of $57.90.

Brent futures rose 0.9% on Friday, their second daily gain, in recovery attempts from a 7-month low, in addition to Saudi Arabia intentions to support the market and to stop the falling of prices.

Global oil prices lost an average of 1.8% over the course of last week, the second consecutive weekly loss, on US-China trade war concerns.

The International Energy Agency (IEA) said on Friday that the slowing global economy signs and US-China trade war have caused global oil demand to grow at its slowest pace since the 2008 global financial crisis.

The Agency has cut its global oil demand forecasts in 2019 and 2020 to 1.1 million and 1.3 million barrels per day.

Goldman Sachs said on Sunday that concerns are mounting about a global recession caused by the US-China trade war and forecast that the US and China will not reach a trade deal before the 2020 US presidential election.