Crude oil futures ended lower on Monday, extending their previous session’s losses, on concerns over slowing demand, as well as some skepticism that the OPEC+ output cuts will hold, and the fact that U.S. production continued to break new records. Further, the dollar's rise also weighed on oil prices.
Benchmark crude oil futures for January delivery fell $1.03 or about 1.4 percent to settle at $73.04 a barrel on the New York Mercantile Exchange. Brent crude for February delivery shed $0.85 or about 1.07 percent to settle at $78.03 a barrel on London's Intercontinental Exchange.