Crude oil futures ended deeply in red amid concerns about the outlook for oil demand from China and U.S.-led efforts to secure a cease-fire in the 10-month-old Middle East conflict. China's economic activity data released last week proved to be a mixed bag. Also, data showed China's oil refinery output declined for the fourth consecutive month in July, reflecting a slowdown in fuel demand. Meanwhile, investors also kept a close eye on the developments in the Middle East as the U.S. pushed for a deal between Israel and Hamas to end the war on Gaza, calling it 'maybe the last opportunity to get the hostages home'.
Benchmark U.S. crude oil futures for September delivery fell $2.28 or about 3% to $74.37 per barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $2.02 or nearly 2.5% to $77.66 per barrel on London's Intercontinental Exchange.