WASHINGTON (dpa-AFX) - Crude oil prices fell on Monday as concerns about the outlook for demand from China outweighed the ongoing geopolitical tensions due to the Middle East crisis.
A firmer dollar weighed as well on oil prices. The dollar climbed to 103.82 ahead of the Federal Reserve's two-day policy meeting. At 103.60, the index is up by about 0.15% a little while ago.
West Texas Intermediate Crude oil futures for March settled at $76.88 a barrel, down $1.23 or about 1.6% from the previous close.
Brent crude futures ended down $1.15 or about 1.4% at $82.40 a barrel.
Fears of supply disruptions intensified following a drone attack on U.S. forces in Jordan over the weekend by Iran-backed militants, according to the U.S. President Joe Biden.
Iran has denied involvement in the drone attack that killed three U.S. troops and left dozens injured.
The drone attack raised concerns of a more direct confrontation between the two countries, potentially resulting in regional energy supply disruptions in the oil-rich Middle East.
Meanwhile, a Hong Kong court ordered the liquidation of China's real estate major China Evergrande. The rising debt crisis in China's real estate sector has raised concerns about the outlook for energy demand from the world's second largest economy.
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