Oil prices have declined with the continued concern of investors about the impact of customs duties

Oil prices fell today, Monday, with the decline in investor’s appetite for high -risk assets due to fears of the impact of US customs duties on global economic growth and fuel demand, as well as an increase in the production of the “OPEC+” coalition.

Brent crude fell 25 cents, or 0.4%, to $ 70.11 a barrel by 00:37 GMT, after 90 cents rose on Friday upon settlement. West Texas Intermediate crude was $ 66.76 a barrel, a decrease of 28 cents or 0.4%, after closing 68 cents in the previous trading session.

West Texas Intermediate crude decreased for the seventh week in a row, in the longest losses since November 2023, while Brent crude decreased for the third consecutive week after US President Donald Trump imposed customs duties on the main oil suppliers Canada and Mexico and then postponed them while raising taxes on Chinese goods. China responded to the United States and Canada by imposing customs duties on agricultural products.