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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.
