Oil prices retreated on Monday morning, paring gains last week, amid fears that the abundance of oil supply will continue while trade tensions between the United States and China may hinder economic recovery until After starting isolation measures to contain the Corona virus.

The US West Texas Intermediate crude oil futures fell $ 1.46, or 7.6%, to $ 18.27 a barrel.

Brent crude futures fell 90 cents, or 3.4%, to $ 25.54 a barrel, after touching $ 25.53.

Brent crude rose last week by about 23% after incurring losses for three consecutive weeks.

The markets received support last week as major oil producers led by Saudi Arabia and Russia were to start cutting production in early May, while the largest producers in the United States said, Exxon Mobil and Chevron, they will cut production by 400 thousand barrels per day this quarter.

But US President Donald Trump's comments threatening to discuss increased tariffs on China in response to the outbreak of the Coronavirus have renewed fears that trade tensions could hinder economic recovery and end gains Oil prices.