Crude oil futures ended deeply in red on Monday on concerns about outlook for energy demand after data showed the Chinese economy grew at slower than expected pace in the second quarter. Official data showed that the Chinese economy grew just 0.8% in the June quarter, down from 2.2% in the first three months of 2023. Other reports on industrial output, retail sales, fixed asset investment and unemployment proved to be a mixed bag, raising concerns about an uneven economic recovery in the world's largest crude importer. Besides, in Libya, two of the three oil fields, including the country's second-largest, Sharara, have resumed production over the weekend, after having halted work due to protests.
Benchmark crude oil futures for August delivery fell $1.27 or about 1.7 percent to settle at $74.15 a barrel on the New York Mercantile Exchange. Brent crude for September delivery declined $1.37 or about 1.71 percent to settle at $78.50 a barrel on London's Intercontinental Exchange.