Crude oil futures ended lower on Monday as concerns about outlook for energy demand. Fuel demand concerns resurfaced as new inflation data from China fueled concerns about deflation risks in the world's second-largest economy. China's consumer inflation was unchanged last month from a year earlier, marking the weakest rate since February 2021. Meanwhile, factory-gate prices fell further in the month, indicating weak demand in the world's largest crude importer.
Benchmark crude oil futures for August delivery fell $0.87 or about 1.2 percent to settle at $72.99 a barrel on the New York Mercantile Exchange. Brent crude for September delivery dropped $0.78 or 0.99 percent to settle at $77.69 a barrel on London's Intercontinental Exchange.