04:59 AM EDT, 10/20/2025 (MT Newswires) -- Crude oil prices declined on Monday on concerns about U.S.-China trade tensions, exacerbating worries about an economic slowdown.

Brent crude at last look fell 0.7% to US$60.85/barrel and West Texas Intermediate crude lost 0.7% to US$57.13/b. Both benchmarks dropped more than 2% last week, their third weekly decline in a row, driven by an outlook for a supply glut in 2026 from the International Energy Agency, Reuters said in a Monday report.

This comes as the U.S. and China recently renewed their trade war, imposing additional port fees on ships carrying cargo between them, the report said. The moves are expected to disrupt global freight flows.

China's third-quarter economic growth slowed to the weakest pace in a year, pulled down by weak domestic demand, Reuters reported, citing data from China's statistics bureau.

Meanwhile, U.S. President Donald Trump and Russian President Vladimir Putin are set to meet again to discuss the war in Ukraine. The U.S. continues to pressure India and China to halt their purchases of Russian oil.