WTI crude oil prices continue their slide into the second day of the week as trade war concerns keeping oil demand under check once again come in focus and weigh on global markets. At the time of writing, WTI crude oil is trading at around $58.93 per barrel.

Following some optimism in markets last week over OPEC’s decision to introduce more supply cuts in 2020 to offset falling demand, crude oil is back to trading bearish as the signing of the phase one trade deal between the US and China remains unclear. Recent economic data releases from China reveals a decline in exports, an impact of the trade war, and is once again serving to highlighting growing concerns of weakening demand for oil as economic growth slows down.

Despite positive comments from US and Chinese officials, markets have not yet heard any confirmation on when the interim trade deal could be finalized, signed and implemented. Meanwhile, time is running out for China with the next round of tariff hikes scheduled to come into effect this weekend.

Any further escalation or prolonging of the trade war can keep crude oil prices under pressure as it will keep demand weak in both the US and China. These nations are among the leading consumers of crude oil worldwide.