2019.06.1706:46:00UTC+00Oil Prices Slide On Economic Worries

Oil prices retreated on Monday, with growth worries amid ongoing trade disputes and uncertainty around oil demand keeping investors cautious.

Rising tensions in the Middle East between Iran and the United States (together with the region's allies), helped to limit the downside to some extent.

Benchmark Brent crude declined half a percent to $61.70 a barrel, after having gained 1.1 percent on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 0.6 percent at $52.19, after closing up 0.4 percent on Friday.

A report showed last week that China's industrial output grew at its slowest pace in 17 years in May amid trade tensions with the United States.

China's May crude oil imports fell by 8 percent from the previous month, raising concerns about a global economic slowdown and weaker demand for oil.

The International Energy Agency (IEA) slashed its estimate for global oil demand growth for the second consecutive month, citing various reasons for slowing global oil consumption.

Meanwhile, U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour."