WASHINGTON (dpa-AFX) - Oil futures settled lower on Monday amid concerns about possible excess supply in the market. A stronger dollar weighed as well on oil prices.
Uncertainty about the outlook for oil demand also contributed to the downside. The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, recently lowered its oil demand growth forecast.
News about the restart of the Druzhba pipeline following the resolution of technical issues helped limit the downside in oil prices.
West Texas Intermediate Crude oil futures for February closed down $0.26 or about 0.3% at $69.20 a barrel.
Brent crude futures were down marginally at $72.50 a barrel a little while ago.
The volumes were thin ahead of upcoming Christmas holidays.
Oil prices climbed higher on Friday after soft U.S. inflation readings raised hopes for a rew rate cuts by the Federal Reserve next year.
Investors also noted U.S. President-elect Donald Trump's warning that the European Union may face tariffs if the bloc does not cut its growing deficit with the U.S. by making large oil and gas trades with the world's largest economy.
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