WASHINGTON (dpa-AFX) - Oil prices fell on Monday to extend losses from the previous session amid concerns about the outlook for oil demand from China and U.S.-led efforts to secure a cease-fire in the 10-month-old Middle East conflict.
Brent crude futures fell 0.8 percent to $79.08 a barrel, while WTI crude futures were down 1 percent at $74.81.
China's economic activity data released last week proved to be a mixed bag. Also, data showed China's oil refinery output declined for the fourth consecutive month in July, reflecting a slowdown in fuel demand.
Investors also kept a close eye on the developments in the Middle East as the U.S. pushed for a deal between Israel and Hamas to end the war on Gaza, calling it 'maybe the last opportunity to get the hostages home'.
Israel has expanded its ground invasion of Gaza as U.S. Secretary of State Antony J. Blinken warned against attempts to derail the Gaza ceasefire process.
Blinken met with officials in Israel today at what he called 'a decisive moment' for diplomatic negotiations aimed at reaching a cease-fire in Gaza and securing the release of hostages.
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