Crude oil futures ended lower on Monday amid concerns about the outlook for demand amid fears the U.S. economy could slip into a recession. The slowdown in China and recent weak economic data from the eurozone also weighed on oil prices. However, possible supply disruptions due to geopolitical tensions and the risk of a wider Middle East conflict helped limit losses for oil. According to private report, the Benjamin Netanyahu-led government could sanction a pre-emptive strike on Iran to prevent an attack on Israeli soil.
Benchmark U.S. crude oil futures for September delivery fell $0.58 or about 0.7% to $72.94 per barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $0.51 or about 0.66% to $76.30 per barrel on London's Intercontinental Exchange.