WASHINGTON (dpa-AFX) - Oil futures lower on Monday on concerns about the outlook for demand amid fears the U.S. economy could slip into a recession. The slowdown in China and recent weak economic data from the eurozone also weighed on oil prices.
Possible supply disruptions due to geopolitical tensions and the risk of a wider Middle East conflict helped limit losses for oil. According to reports, the Benjamin Netanyahu-led government could sanction a pre-emptive strike on Iran to prevent an attack on Israeli soil.
West Texas Intermediate Crude oil futures for September ended down by $0.58 or about 0.7% at $72.94 a barrel, recovering from a low of $71.67.
Brent crude futures, which fell to $75.06 a barrel earlier in the day, recovered to settle at $76.30 a barrel, losing about 0.7%.
Weak July jobs report along with disappointing earnings from the likes of Intel and Amazon ignited worries that the U.S. economy could be falling into a recession under the weight of the Federal Reserve's policy of high interest rates.
Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, and plans announced by OPEC and allies to increase production from next quarter also weighed on oil prices.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
