Crude oil futures ended deeply in red on Monday on rising concerns about the outlook for fuel demand due to increasing possibility of a global recession. Further, the dollar's continued strength weighed significantly on oil prices. The dollar index surged to a fresh two-decade high today, climbing to 114.53. Besides, last week's announcement of the biggest package of unfunded tax cuts by British Chancellor of the Exchequer Kwasi Kwarteng has raised fears about the stability of U.K. government finances. The Pound Sterling tanked against the U.S. dollar, falling to a record low of $1.0382.
Benchmark crude oil futures for November delivery fell $2.03 or about 2.6 percent at $76.71 a barrel on the New York Mercantile Exchange. Brent crude for November delivery declined $2.05 or about 2.41 percent to settle at $82.98 (Provisional) a barrel on London's Intercontinental Exchange.