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18-Jul2017

Crude oil futures decline on Monday

Crude oil futures ended lower on Monday, as investors fretted about oversupply in the industry despite recent data showing strong refinery demand from China and a slowdown in US output. Weak economic data too weighed on the sentiments; activity in the New York manufacturing sector grew at a notably slower pace in the month of July, while the New York Fed said its general business conditions index dropped to 9.8 in July from 19.8 in June. Though, China's refinery activity continued to indicate strong fuel demand, as data showed oil refineries increased throughput in June to the second highest on record.

Benchmark crude oil futures for August delivery declined by $0.52 or 1.12 percent to $46.02 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended down by 0.94 percent at $48.45 a barrel on the ICE.


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