WASHINGTON (dpa-AFX) - Crude oil prices fell on Monday, weighed down by concerns about the outlook for energy demand due to slowing Chinese economy.
The extension of production cuts by the OPEC and allies helped limit the downside in oil prices.
Crude oil prices climbed higher earlier in the day amidst concerns about lower supplies from Saudi Arabia and Russia.
West Texas Intermediate Crude oil futures for September ended down by $0.53 or about 0.7% at $80.72 a barrel.
WTI Crude futures for October settled at $80.12 a barrel, down $0.54 or about 0.7%.
Brent crude futures settled lower by $0.34 or about 0.4% at $84.46 a barrel.
'Risks to the crude demand outlook are growing, especially after China disappointed with last night's easing, but for now a tight market should keep oil supported,' says Edward Moya, Senior Market Analyst at OANDA.
'The biggest risk for energy traders is if we see a massive wave of dollar strength after Jackson Hole. Right now there are so many oil drivers and most support higher prices. Iran nuclear talks won't be having any breakthroughs anytime soon. Gulf of Mexico oil production could be at risk as a few formations build on the Atlantic,' Moya adds.
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