Oil futures fell on Monday as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks.

Brent crude futures were at $70.51 a barrel, down 0.2%. U.S. West Texas Intermediate (WTI) futures were at $61.36 per barrel, down 0.5%.

China said it will raise tariffs on $60 billion worth of U.S. goods. The news weighed on oil and other markets. U.S. equity indexes dropped more than 2% each while Treasury yields declined, according to Reuters.