Crude oil futures ended deeply in red on Monday on concerns about the outlook of energy demand. Goldman Sachs cut its oil price forecasts, citing higher-than-expected supplies later this year and through 2024. The bank’s December crude price forecast now stands at $86 a barrel for Brent, down from $95, and at $81 a barrel for WTI, down from $89. The revision comes at the start of a busy week for the U.S. Federal Reserve, which meets on Wednesday. While the Fed is expected to leave interest rates unchanged this month, investors are concerned that rate hikes are likely to resume next month. Besides, oil prices also fell on rising Russian crude supply.
Benchmark crude oil futures for July delivery fell $3.05 or about 4.4 percent to settle at $67.12 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $2.95 or 3.94 percent to settle at $71.84 a barrel on London's Intercontinental Exchange.