Crude oil futures ended lower on Monday amid concerns about the outlook for demand after data showed a sharp contraction in Eurozone business activity, and continued weakness of the Chinese economy. The euro area private sector activity posted a renewed contraction in September, signaling a further weakening of the economy, a survey compiled by S&P Global showed. The HCOB flash composite output index dropped to 48.9 in September from 51.0 in August. The reading was the lowest in eight months and remained below the forecast of 50.6. However, oil prices moved higher earlier in the session as escalation in the Israel-Hezbollah conflict prompted international airlines to suspend flights to the Middle East region.
Benchmark crude oil futures for November delivery fell $0.63 or 0.89 percent to settle at $70.37 a barrel on the New York Mercantile Exchange. Brent crude for November delivery was down by $0.59 or 0.8 percent to settle at $73.90 a barrel on London's Intercontinental Exchange.