Oil falls on Monday as trade wars fear grip financial markets

Oil prices fell more than 1 percent on Monday, extending losses of over 3 percent from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.

Front-month Brent crude futures were at $61.12 at 7:44 am Riyadh time. That was 87 cents, or 1.4 percent, below Friday's close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.91 per barrel, down 59 cents, or 1.1 percent from its last settlement.

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.

"Oil prices slid on fresh trade worries after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, which is one of the largest US trade partners and a major supplier of crude oil," said Mithun Fernando, investment analyst at Australia's Rivkin Securities, in a note on Monday.