Crude oil futures fell nearly 4%, extending last week's losses, as investors reacted to escalating trade tensions between China and the United States.

Beijing imposed a 34% tariff on US goods in response to US President Donald Trump's global reciprocal tariffs, sparking fears of higher prices for businesses, which could in turn slow economic activity and weaken demand for oil.

As of 7:28 pm ET, West Texas Intermediate for deliveries in May was down 3.86% at $59.60 a barrel, while Brent for settlements in June fell 4.03% to $63.37.