Ammon News - Oil prices fell on Monday on concerns the escalating trade war between the United States and China would weaken global economic growth and dent fuel demand.

Brent crude futures were down 29 cents, or 0.45%, at $64.47 a barrel at 0126 GMT. U.S. West Texas Intermediate crude futures were trading at $61.23 a barrel, down 27 cents, or 0.44%.

Both contracts have lost about $10 a barrel since the start of the month as a trade war between the world's two largest economies has intensified.

Goldman Sachs expects Brent to average $63 and WTI to average $59 for the remainder of 2025 and sees Brent averaging $58 and WTI $55 in 2026.

It sees global oil demand in the fourth quarter of 2025 rising by just 300,000 barrels per day year-on-year, "given the weak growth outlook," analysts led by Daan Struyven said in a note, adding that the demand slowdown is expected to be the sharpest for petrochemical feedstocks.

Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against President Donald Trump's decision to raise duties on Chinese goods and raising the stakes in a trade war that threatens to upend global supply chains. Reuters