Brent prices fell on Monday to reach a five-week low, resuming losses that were temporarily halted on Friday, whilst this drop comes as a result of renewed trade tensions between the United States and China, which negatively impact prospects for global economic recovery and thus weakening prospects for fuel demand.
By 11:00 GMT, Brent crude fell by $69.99 per barrel from the opening level of $70.32, with a high of $70.76 and a low of $68.84 since April 3.
Over the past week, global oil prices have fallen by an average of 1.5%, the second weekly loss in a row, with the market focusing on the US oversupply, which is undermining OPEC and Russia's efforts to balance the market.
US President Donald Trump said on Sunday that he will impose US tariffs worth $200 billion on Chinese goods this week, while targeting other hundreds of billions soon.
The remarks are a major shift in the tone of the US president, who recently pointed to good progress in trade talks between the two countries, and highly praised his relationship with Chinese President Xi Jinping.
Beijing may cancel talks on Wednesday with US officials in Washington, as CNBC reported that China is likely to cancel the next negotiations visit to the United States.
Renewed trade tensions between the world's two largest economies, negatively impact prospects for a global economic recovery and thus weakening prospects for fuel demand.
Bearing in mind that the International Monetary Fund (IMF) has trimmed its forecast for global growth to its lowest level in 10 years.