Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets.
Crude futures were down 0.9% in New York, with the dollar rising and European equities and US stock futures declining. Oil rallied last week after OPEC and its allies agreed to implement only about a quarter of their planned output hike in January.
The market is showing signs of recovery. Saudi Arabia raised oil pricing for Asia, a signal the kingdom is confident demand is strong enough to absorb next month’s small supply boost. China’s economy appears robust, with exports rising the most since early 2018 last month.
