Crude oil futures ended deeply in red on Monday as strong U.S. service data raised the prospects for more aggressive moves by the Federal Reserve. A report from the Institute for Supply Management (ISM) showed U.S. service sector activity unexpectedly grew at an accelerated rate in the in the month of November. The ISM said its services PMI climbed to 56.5 in November from 54.4 in October, with a reading above 50 indicating growth in the sector. The increase surprised economists, who had expected the index to dip to 53.1.
Benchmark crude oil futures for January delivery fell $3.05 or 3.8 percent at $76.93 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $2.65 or 3.1 percent to settle at $82.92 (Provisional) a barrel on London's Intercontinental Exchange.