WASHINGTON (dpa-AFX) - Oil prices fell sharply on Monday, pushed down by rising concerns about the outlook for demand from China, and the ongoing cease-fire talks in Gaza.
Still, uncertainty about positive progress in peace talks limited oil's downside to some extent.
West Texas Intermediate Crude oil futures for September ended down $2.28 or 2.98% at $74.37 a barrel. WTI crude futures had shed $1.51 or about 1.9% on Friday.
Brent crude futures were down $1.88 or 2.37% at $77.74 a barrel a little while ago.
Last week's data showed continued weakness in Chinese industrial output, drop in new home prices, and higher unemployment.
Recent data showed China's oil refinery output declined for the fourth consecutive month in July, reflecting a slowdown in fuel demand.
On the geopolitical front, Israel has reportedly expanded its ground invasion of Gaza even as U.S. Secretary of State Antony J. Blinken warned against attempts to derail the Gaza ceasefire process.
Blinken met with officials in Israel today at what he called 'a decisive moment' for diplomatic negotiations aimed at reaching a cease-fire in Gaza and securing the release of hostages.
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