NEW DELHI : Amid fears of the possibility of a global recession coming in, crude oil rates fell more than 5% last week and is now trading 23% less than its 2019 peak of $75.60 a barrel recorded in April.
Brent crude futures edged down 1 cent to $58.36 a barrel by 0656 GMT, while U.S. West Texas Intermediate (WTI) crude was at $52.85, up 4 cents.
Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession.
All eyes are now on US-China trade talks this week where fresh efforts are anticipated to work out a deal.
Last week, Brent futures fell 5.7%, its biggest weekly drop since July. WTI lost 5.5% last week, also its steepest fall since July.
In India's Multi Commodity Exchange, crude for delivery in October traded higher by ₹ 29, or 0.78%, to ₹ 3,764 per barrel in 14,529 lots, as speculators created fresh positions on spot demand.
Analysts said raising of bets by participants kept crude prices to trade higher here.
In the global market, future demand for crude oil looks weak amid a global economic slowdown, deteriorating US economy, signs of weakness in China and Germany and the uncertainty over US-China trade talks.
On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 drone attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.