New York: Oil prices fell on Monday, influenced by Moody’s downgrade of the US sovereign credit rating and official data indicating a slowdown in industrial production and retail sales in China. The two developments have raised concerns about the future of the world’s two largest economies and oil consumers, just a week after Beijing and Washington agreed to remove most tariffs on each other’s goods, which had initially pushed oil prices higher.

According to National Iraqi News Agency, Brent crude futures fell by 57 cents, or 0.9 percent, settling at $64.84 a barrel. Similarly, US West Texas Intermediate (WTI) crude futures decreased by 54 cents, or 0.9 percent, reaching $61.95. This decline comes after both crude benchmarks rose by over 1 percent in the previous week.

The downgrade of the US credit rating and the economic slowdown in China are significant factors contributing to the decrease in oil prices. These developments have led to increased uncertainties regarding the economic outlook for these major economies, which play a crucial role in global oil consumption. The earlier optimism from the tariff agreement between the US and China has been overshadowed by these recent economic concerns.