Crude oil futures ended lower on Monday. Concerns about the outlook for oil demand from China, and renewed hopes of a ceasefire in Gaza continued to weigh on oil prices. Investors also weighed the implications of U.S. President Joe Biden's exit from the presidential election race. Biden decided to quit the race on Sunday and endorsed his Vice-President Kamala Harris for the Democratic nomination. However, a weaker dollar helped limit the downside in oil prices.
Benchmark U.S. crude oil futures for August delivery fell 35 cents or about 0.4% to $79.78 per barrel on the New York Mercantile Exchange. Brent crude for September delivery declined 23 cents or 0.3% to $82.40 per barrel on London's Intercontinental Exchange.