WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Monday, extending losses from the previous session, as worries about a recession weighed on outlook for energy demand and pushed down oil prices.
However, the dollar's weakness and signs of improved demand for oil from China helped limit the commodity's downside.
The new British Finance Minister Jeremy Hunt's decision to scrap most of the policies announced in Prime Minister Liz Truss's budget on September 23 pushed up Pound Sterling against most of its major rivals.
The dollar index dropped to 111.92, down more than 1.2% from Friday's close.
West Texas Intermediate Crude oil futures for November ended lower by $0.15 or about 0.2% at $85.46 a barrel.
Brent crude futures were down marginally at $91.56 a barrel a little while ago.
Chinese President Xi Jinping's assurance that the government will take steps to boost the struggling economy helped raise hopes about higher demand for fuel in the world's second largest economy.
Xi Jinping said in his speech at the 20th National Congress of the Communist Party of China on Sunday that on Sunday that Beijing will ramp up spending and stimulus to help shore up economic growth. He said that per-capita GDP would rise to the level of a 'medium-developed country' in a 'giant new leap' by 2035.
That would mean doubling GDP and per-capita income, with an average GDP growth rate of 4.7%.
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