Crude oil futures ended lower on Monday on private report stated that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries are likely to discuss increasing output during their meeting in December. Further, worries about the outlook for demand from China contributed to the slump by oil prices following a surge in Covid-19 cases in the country and the imposition of stringent restrictions in several cities, including Shanghai and Beijing. Besides, a stronger dollar also hurt oil prices. The dollar climbed higher amid rising speculation the Federal Reserve will continue to aggressively hike interest rates to rein in inflation.
Benchmark crude oil futures for December delivery lost $0.35 or about 0.4 percent at $79.73 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $0.31 or about 0.33 percent to settle at $87.31 (Provisional) a barrel on London's Intercontinental Exchange.