Oil futures settled lower on Monday, as traders weighed uncertainty over China’s next move on COVID-related restrictions that are likely to have an impact on energy demand. “The oil market still is a little bit nervous about the demand prospects and we want to get more clarity on China’s reopening plans,” said Phil Flynn, senior market analyst at The Price Futures Group. There will be a lot of focus on the demand numbers in this week’s U.S. petroleum supply report, as well as a focus on U.S. oil production, as frackers are reluctant to raise oil production in the “uncertain environment.” U.S. benchmark West Texas Intermediate crude for December delivery CLZ22 fell 82 cents, or 0.9%, to settle at $91.79 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
