WASHINGTON (dpa-AFX) - Oil futures settled lower on Monday amid concerns about the outlook for demand from China and on caution ahead key U.S. consumer price inflation data.
Despite persisting tensions in the Middle East and the OPEC+'s decision to extend production cuts, oil prices drifted lower due to lingering concerns about Chinese economic slowdown.
West Texas Intermediate Crude oil futures for April ended down $0.08 or about 0.1% at $77.93 a barrel, settling lower for the third consecutive session. WTI crude futures had shed about 2.5% last week.
Brent crude futures were at $82.31 a barrel a few minutes ago.
Investors are awaiting U.S. inflation data and reports from OPEC and the International Energy Agency this week for more clues on the demand outlook.
OPEC and the IEA are scheduled to release their monthly oil market reports on Tuesday and Thursday, respectively.
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