Oil prices fall on back of US output gains, Chinese demand doubts
Oil prices fell on Monday on expectations that U.S. production could rise and as weaker economic data out of China and the country’s widening COVID-19 curbs weighed on demand.
Global benchmark Brent crude futures dropped 94 cents, or 0.98%, to $94.83 a barrel. U.S. West Texas Intermediate (WTI) crude fell $1.37 to $86.53 a barrel, a 1.6% loss.
Both benchmarks notched their first monthly gains since May.
Oil output in the United States climbed to nearly 12 million barrels per day in August, the highest since the onset of the COVID-19 pandemic, monthly government data showed.
U.S. President Joe Biden was set to call on oil and gas companies to invest some of their record profits in lowering costs for American families, a White House official said.
