Oil prices were slipping, with Brent crude down 0.1% at $70.29 a barrel and WTI down 0.2% at $66.91 a barrel.
Both benchmarks are down more than 7% on month. Crude oil prices are under pressure as U.S. import tariff concerns raise fears for global economic growth, exacerbated by planned OPEC+ output hikes, Tickmill’s Joseph Dahrieh said in a note.
President Donald Trump’s tariffs imposed and delayed on Mexico and Canada, combined with retaliatory Chinese levies have raised fears of an economic slowdown, damping fuel demand and pushing short-term oil views bearish, Dahrieh said.