Oil prices fell on Monday. Concerns about the impact of US tariffs on global economic growth and fuel demand, as well as increased production by OPEC+ producers, has dampened investor appetite for riskier assets

Brent lost 25 cents, or 0.4%, to 70.11 dollars per barrel at 0037 GMT after gaining 90 cents on Friday. American West Texas Intermediate crude was at $66.76 per barrel, down 28 cents, or 0.4%, after closing 68 cents higher in the previous session. WTI fell for the seventh week in a row, the longest streak of losses since November 2023, while Brent was down for the third week in a row after US President Donald Trump imposed and then postponed tariffs on its main oil suppliers, Canada and Mexico, while increasing taxes on Chinese products

Tony Sycamore, an analyst at IG, indicated in a note to his clients that “Crude oil was weighed down last week by uncertainty about US tariffs, concerns about American growth, concerns about American growth, the potential lifting of US sanctions against Russia and choice of OPEC+ to increase its production

Oil prices recovered some of their losses on Friday after Mr Trump said the United States would increase sanctions against Russia if Russia did not reach a ceasefire with Ukraine.