WASHINGTON (dpa-AFX) - Despite escalating tensions in the Middle East, crude oil prices fell to a seven-week low on Monday amid concerns about the outlook for demand from China.
Markets are awaiting the Federal Reserve's monetary policy announcement on Wednesday. The central bank is widely expected to hold rates unchange. The accompanying statement is eyed for clues about the timing of rate cuts by the Fed.
Traders looked ahead to the meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies. The OPEC+ meeting is scheduled to take place on Thursday (August 1).
In the previous meeting, the OPEC+ decided to extend its voluntary production cuts till 2025.
West Texas Intermediate Crude oil futures for September ended down $1.35 or about 1.8% at $75.81 a barrel.
Brent crude futures were down $1.21 or about 1.52% at $79.07 a barrel a little while ago.
According to reports, a rocket strike in the Israeli-occupied Golan Heights killed several children and teens in what the military called the deadliest attack on civilians since October last year.
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