Crude oil futures ended lower on Monday as data from China raised concerns about the outlook for energy demand outweighed uncertainty about supply. Services activity in China during September contracted for the first time in four months as COVID containment measures hit demand and business confidence. The Caixin services purchasing managers' index (PMI) fell to 49.3 from 55.0 in August. Rising tension between Washington and Beijing following the Biden administration announcing new export controls targeting Chinese companies hurt as well. Meanwhile, Chinese cities are imposing fresh lockdowns and travel restrictions after the number of new daily Covid-19 cases tripled during a weeklong holiday.
Benchmark crude oil futures for November delivery fell $1.51 or 1.6 percent at $91.13 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.94 or about 1.95 percent to settle at $95.98 (Provisional) a barrel on London's Intercontinental Exchange.