Crude oil futures ended deeply in red on Monday on concerns about global economic growth and the outlook for oil demand. Meanwhile, traders were looking ahead to a meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+) this week. The group is largely expected to maintain production at current levels. However, Oil prices found some support earlier in the session on reports about a drone strike on an Iranian defense facility over the weekend.
Benchmark crude oil futures for March delivery fell $1.78 or 2.2 percent at $77.90 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $2.07 or 2.4 percent at $84.33 (Provisional) a barrel on London's Intercontinental Exchange.