Crude oil futures ended lower on Monday, paring gains after rising to more than two-month highs, on uncertainty about the outlook for Chinese energy demand amid conflicting reports about the country's Covid policies. Meanwhile, China’s imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May. However, downside remained capped as the US dollar sank against the euro on Monday. A weakening dollar makes greenback-denominated oil less expensive for other currency holders, helping push prices higher.
Benchmark crude oil futures for December delivery fell $0.82 or about 0.9 percent at $91.79 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $0. 78 or about 0.79 percent to settle at $97.92 a barrel on London's Intercontinental Exchange.