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Oil prices extend drop as trade wars stoke global economic fears

Updated : June 03, 2019 07:59 AM IST

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.97 at 0044 GMT. That was $1.02 cents, or 1.7 percent, below last session’s close.
US West Texas Intermediate (WTI) crude futures were at $52.71 per barrel, down 79 cents, or 1.5 percent. The drops followed price slumps of more than 3 percent on Friday, which made May the worst-performing month for crude futures since last November.
Brent crude oil prices have dropped almost 20 percent from their 2018-peak in late April.
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