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Oil prices slip amid worries of severe economic slowdown
Oil prices slipped on Monday, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) futures were at $58.69 per barrel, down 35 cents, or 0.6 percent, from their previous settlement.
Both crude oil price benchmarks have slumped by almost 3 percent since last week hitting their highest since November 2018.
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