The price of Brent crude oil down on Monday due to the escalating US-China tensions coupled with the rising number of coronavirus (COVID-19) cases worldwide is weakening global oil demand.
The international benchmark was trading at $43.25 per barrel at 0630 GMT for a 0.12% loss after closing Friday at $43.30 a barrel.
In addition, American benchmark West Texas Intermediate (WTI) was at $39.91 a barrel at the same time.
Oil prices are still under pressure due to the rising number of novel coronavirus (COVID-19) cases throughout the world.
The coronavirus pandemic has claimed more than 685,000 lives in 188 countries and regions since it originated in China last December. The US, Brazil, India, and Russia are currently the worst-hit countries in the world.
Over 17.8 million COVID-19 cases have been reported worldwide, with recoveries exceeding 10.5 million, according to figures compiled by the US' Johns Hopkins University.
On the supply side, the number of oil rigs, an indicator of short-term production in the US, decreased by 1 to 180 for the week ending July 31, from 181 the previous week.
By Murat Temizer