WASHINGTON (dpa-AFX) - Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend, and targeted only military and industrial targets.
Oil prices were also weighed down by concerns about the outlook for demand from China, an increase in crude inventories in the U.S., and OPEC+'s plan to begin returning 2.2 million barrels per day of voluntary production cuts and also add 180 barrels per day for a year beginning in December.
West Texas Intermediate Crude oil futures for December ended down $4.40 or about 6.1% at $67.38 a barrel.
Brent crude futures dropped to $71.42 a barrel, losing about 6.1%.
Israel hit Iran with a series of airstrikes early Saturday in retaliation for the barrage of ballistic missiles the Islamic Republic fired upon Israel on October 1.
There was no immediate indication that oil or nuclear sites were hit, and Iranian state media said the country's oil industry activities were working normally.
Tehran said it will 'use all available tools' to respond to the weekend attack on military targets in Iran.
Elsewhere, Egypt proposed a two-day truce in Gaza aimed at securing 'a complete ceasefire' after more than a year of war between Israel and Hamas.
Oil prices were also hit by China demand concerns after data showed China's industrial profits in September dropped at its fastest pace since the pandemic.
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