Doha: Oil prices fell in early Asian trading on Monday extending last week’s losses of more than 4% amid higher US tariffs on key trading partners, an OPEC output hike, and expectations the US and Russia were moving closer to a Ukraine ceasefire pact.

According to Qatar News Agency, Brent crude futures fell 52 cents, or 0.78%, to $66.07 a barrel, while US West Texas Intermediate crude futures fell 58 cents to $63.30. The decline in prices was influenced by a series of factors, including rising tariffs imposed by the US on significant trading partners, which have raised concerns about potential impacts on global trade and economic activity.

Brent crude, a major benchmark in global oil pricing, experienced a 4.4% decline over the week ended Friday, while US West Texas Intermediate crude futures saw a 5.1% drop. The losses reflect a bearish market sentiment driven by an increase in OPEC’s oil production and the anticipation of a potential ceasefire agreement between the US and Russia concerning the Ukraine conflict.

These developments have contributed to a pessimistic economic outlook, affecting investor confidence and leading to lower demand expectations in the oil market. As these geopolitical and economic factors continue to unfold, market participants remain vigilant about future price movements and their implications on the global economy.