RoydadNaft –  Brent crude futures fell $1.19, or 1.75 percent, to $66.77 a barrel. US West Texas Intermediate crude futures fell $1.11, or 1.72 percent, to $63.57.

Oil prices fell more than 1.5 percent on Monday as investors focused on concerns about the economic impact of Trump’s tariffs on US trading partners and a drop in demand for fuel.

Brent crude futures fell $1.19, or 1.75 percent, to $66.77 a barrel. US West Texas Intermediate crude futures fell $1.11, or 1.72 percent, to $63.57.

The OPEC+ group of oil-exporting countries and their allies, including Russia, are still expected to raise output by 411,000 barrels per day from the start of May. But the increase will be offset by cuts from countries that have had surpluses in previous months.

Nuclear talks between the United States and Iran continued on Saturday. The talks have eased some concerns about oil supply and pushed down prices.

The two countries have agreed to present a framework for a possible nuclear deal, according to Iran’s foreign minister. U.S. officials have said the talks are progressing positively.

The United States last week sanctioned an independent Chinese refiner for trading Iranian oil, increasing pressure on Tehran amid the talks.

Concerns about falling Iranian oil supplies and hopes for a U.S.-EU trade deal sent Brent and U.S. crude prices up about 5 percent last week, their first weekly gains in three weeks.

Markets are still worried about the impact of US tariffs and its trade war with China. The dollar index and Asian stocks fell on Monday.

Investors believe the tariffs will slow US economic growth this year and next, raising the probability of a recession in the next 12 months to 50%. The US is the world’s largest oil consumer.