Crude oil prices declined sharply on Monday as worries about a likely slowdown in global economic growth raised concerns about the outlook for energy demand.
However, oil’s slide was somewhat halted amid hopes that output from the U.S. Gulf region, affected due to the impact of recent storms, might stay offline for several months.
A slightly stronger dollar too weighed on oil prices. The dollar climbed to a one-month high as rising risk aversion amid pending catastrophe at developer China Evergrande Group weighed on equity markets.
West Texas Intermediate Crude oil futures for October ended down by $1.68 or about 2.3% at $70.29 a barrel.
Brent crude futures settled lower by $1.42 or about 1.9% at $73.92 a barrel today.