18.03.201906:42:00UTC+00Oil Slips On Demand Worries

Oil prices fell on Monday amid concerns that an economic slowdown in Asia and Europe could dent growth in fuel demand.

The downside, however, remained capped by OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela.

Benchmark Brent crude dropped 0.4 percent to $66.89 per barrel while U.S. West Texas Intermediate (WTI) futures were down 0.6 percent at $58.47 per barrel.

Bernstein Energy analysts said today that a synchronized global slowdown in growth could push global demand growth to below 1 million bpd.

U.S. factory production slumped for a second month in February and Japanese exports fell for a third month in February, indicating the global economy is facing major headwinds from the trade war.

Nevertheless, oil prices have rallied around a quarter since the start of the year on the back of OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela.

OPEC's de-facto leader Saudi Arabia said on Sunday that the alliance will "stay the course" on restricting output as inventories continued to remain high.