2019.10.2111:15:00UTC+00Oil Prices Fall On Demand Concerns

Oil prices fell on Monday amid renewed concerns over energy demand outlook as global growth slows.

Benchmark Brent crude dropped 0.9 percent to $58.88 a barrel while U.S. West Texas Intermediate crude oil futures were down 0.6 percent at $53.55 a barrel.

Trade worries prevailed in the markets, with a Reuters report suggesting that China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the Obama era.

U.S. President Donald Trump said he thought a U.S.-Sino trade deal would be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.

Separately, Chinese Vice Premier Liu He said that China would work with the United States to address each other's core concerns on the basis of equality and mutual respect.

While fears of an economically damaging no-deal Brexit eased somewhat, the recent euphoria of a Brexit deal has also declined.

Traders are also reacting to downbeat comments from the incoming European Central Bank (ECB) President Christine Lagarde and direct threats to the U.S. by North Korea's Vice Minister.