WASHINGTON (dpa-AFX) - Oil futures closed sharply lower on Monday, weighed down by a stronger dollar and concerns about demand from China after China's economic stimulus measures fell short of expectations.
West Texas Intermediate Crude oil futures for December ended down $2.34 or about 3.6% at $68.04 a barrel.
Brent crude futures settled at $71.83 a barrel, losing $2.04 or about 2.76%.
Data released by the National Bureau of Statistics on Saturday showed that consumer price inflation in China softened to 0.3% in October from 0.4% in September. Moreover, this was the weakest in four months. Meanwhile, core inflation that excludes prices of food and energy rose to 0.2% from 0.1% in the previous month.
Data showed that producer prices continued to decline in October. Prices were down 2.9% annually after falling 2.8% in the previous month.
Traders also took note of a report from Bank of America that said non-OPEC crude supply will likely grow by 1.4 million barrels per day (bpd) in 2025 and 900,000 bpd in 2026.
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