WASHINGTON (dpa-AFX) - Oil prices dropped on Tuesday, and posted a monthly loss as well, as concerns about the outlook for energy demand weighed on the commodity.
Disappointing manufacturing activity from China raised concerns about the outlook for fuel demand.
A stronger dollar and a report from U.S. Energy Information Administration (EIA) that showed crude oil production in the U.S. climbed to a record 13.05 million barrels per day in August hurt oil prices.
Meanwhile, crude output from the Organization of the Petroleum Exporting Countries increased by 180,000 barrels per day in October, a Reuters survey said.
West Texas Intermediate crude oil futures for December ended down $1.29 or about 1.6% at 81.02 a barrel, the lowest settlement in two months.
WTI crude futures shed nearly 11% in the month of October.
Brent crude futures settled at $87.41 a barrel, down marginally. Brent futures January contract declined $1.33 or about 1.4% to $85.02 a barrel.
Traders now await weekly oil reports from the American Petroleum Institute (API) and EIA. The API report is due later today, while the EIA inventory data is due Wednesday morning.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX