Crude oil futures settled lower on Monday on concerns about the outlook for energy demand due to a slowing Chinese economy. Meanwhile, traders were focusing on preliminary U.S. August PMI data and the Federal Reserve’s annual economic symposium at Jackson Hole both due later this week. However, the extension of production cuts by OPEC and allies helped limit the downside in oil prices.
Benchmark crude oil futures for September delivery fell $0.53 or about 0.7 percent to settle at $80.72 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.54 or 0.7 percent to settle at $84.46 a barrel on London's Intercontinental Exchange.