Oil prices extend their losses, falling by more than two dollars

Oil prices deepened their losses during Monday's trading, continuing their decline for the third consecutive day, amid a broad-based downturn in Asian financial markets. This comes as fears grow that the trade war ignited by the U.S. could push the global economy into recession.

Brent crude futures for June delivery dropped by 3.6%, or $2.36, to $63.22 per barrel as of 09:40 AM Mecca time, trading near their lowest levels in four years.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for May delivery fell by 3.73%, or $2.31, to $59.68 per barrel.

This decline followed a nearly 7% drop in oil prices on Friday after China raised tariffs on U.S. goods, escalating the trade war between the world’s two largest economies and heightening fears of a recession.

Vandana Hari, founder of Vanda Insights, told Bloomberg: "Markets began the week still in a state of panic, and it's impossible to identify a bottom. There’s no resisting the massive wave of selling."

Hari expects this trend to continue for all risk assets until President Trump either clarifies or signals something that causes investors to pause and reassess their recession fears.

Meanwhile, OPEC+ ministers reaffirmed over the past weekend the importance of fully adhering to oil production targets. They also called on members exceeding their production quotas to submit plans by April 15 to compensate for the excess output