WASHINGTON (dpa-AFX) - Oil prices traded lower on Monday as U.S. President Donald Trump once again called on the OPEC cartel to bring down crude prices and investors assessed China's manufacturing and industrial profit data.
Tariff worries also weighed on prices as the U.S. and Colombian governments engaged in a tariff hike contest.
Benchmark Brent crude futures dipped 0.4 percent to $77.25 per barrel in European trade while WTI crude futures were down 0.4 percent, at $74.40.
The downside was capped after reports suggested that top oil exporter Saudi Arabia is considering raising crude prices for Asian buyers in March to their highest in more than a year.
Trump on Friday called on OPEC to boost production and reduce prices as a way of bringing the Ukraine war to an end.
'If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries,' he wrote on his social network, Truth Social.
Meanwhile, new data showed Chinese manufacturing activity unexpectedly shrank in January and non-manufacturing activity growth slowed sharply - raising concerns about Q1 2025 growth and the effectiveness of stimulus measures.
Also, profits at China's industrial firms fell for a third straight year in 2024, official data showed today, highlighting the need for increased economic support.
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