Extending their previous session’s losses, crude oil futures ended deeply in red on Monday on account of worries about energy demand after data showed a much slower than expected pace of growth of the Chinese economy in July. Data from the National Bureau of Statistics showed industrial production in China was up 3.8% percent on year in July, the National Bureau of Statistics said - shy of expectations for an increase of 4.6% and down from 3.9% in June. Besides, the lowering of oil demand forecast for 2022 by the Organization of the Petroleum Exporting Countries (OPEC) last week also weighed on prices.
Benchmark crude oil futures for September delivery fell $2.68 or about 2.9 percent to settle at $89.41 a barrel on the New York Mercantile Exchange. Brent crude for October delivery lost $3.05 or 3.1 percent to settle at $95.10 a barrel on London's Intercontinental Exchange.