Ammon News - Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.

Brent crude futures fell by 72 cents, or 1.12%, to $63.53 per barrel by 0404 GMT. U.S. West Texas Intermediate crude futures dropped 70 cents, or 1.16%, to $59.71 a barrel.

Brent and WTI have lost 15% and 16% respectively so far this month, the biggest percentage drop since November 2021.

Both benchmarks slumped after U.S. President Donald Trump's April 2 announcement of tariffs on all U.S. imports. They then sank further to four-year lows as China responded with its own levies against U.S. imports, stoking a trade war between the top two oil-consuming nations. Reuters