Crude oil futures ended deeply in red on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend, and targeted only military and industrial targets. Oil prices were also weighed down by concerns about the outlook for demand from China, an increase in crude inventories in the U.S., and OPEC+'s plan to begin returning 2.2 million barrels per day of voluntary production cuts and also add 180 barrels per day for a year beginning in December.
Benchmark crude oil futures for December delivery fell $4.40 or about 6.1 percent to settle at $67.38 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $4.63 or about 6.08 percent to settle at $71.42 a barrel on London's Intercontinental Exchange.