Crude oil futures ended deeply in red on Monday on stronger dollar and concerns about demand from China after China's economic stimulus measures fell short of expectations. Further, traders also took note of a report from Bank of America that said non-OPEC crude supply will likely grow by 1.4 million barrels per day (bpd) in 2025 and 900,000 bpd in 2026.
Benchmark crude oil futures for December delivery fell $2.34 or about 3.6 percent to settle at $68.04 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.04 or about 2.76 percent to settle at $71.83 a barrel on London's Intercontinental Exchange.