Crude oil futures ended lower on Monday amid concerns about the outlook for energy demand from China following imposition of severe curbs in several places in the country due to a surge in Covid-19 cases. Further, a rise in oil output in the US, and a firm dollar weighed as well on crude oil prices. According to the data released by the government, oil output in the US rose to nearly 12 million barrels per day in August, the highest since the pandemic.
Benchmark crude oil futures for December delivery fell $1.37 or about 1.6 percent at $86.53 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $1.12 or about 1.19 percent to settle at $92.65 (Provisional) a barrel on London's Intercontinental Exchange.