WASHINGTON (dpa-AFX) - Crude oil futures ended lower on Monday, declining for the third consecutive session, as traders closely following the developments on the U.S. political front, and awaited crucial personal income & spending data that includes readings on U.S. inflation.
Concerns about the outlook for oil demand from China, and renewed hopes of a ceasefire in Gaza continued to weigh on oil prices.
A weaker dollar helped limit the downside in oil prices.
West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.
Brent crude futures were down $0.30 at $82.33 a barrel a little while ago.
In China, the nation's central bank cut its short-term policy rate as well as benchmark lending rates in order to prop up growth. The bank cut the interest rate on seven-day reverse repos to 1.7% from 1.8%, in order to prop up growth.
Investors also weighed the implications of U.S. President Joe Biden's exit from the presidential election race.
Biden decided to quit the race on Sunday and endorsed his Vice-President Kamala Harris for the Democratic nomination.
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