Oil settles lower on weak euro zone business activity

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Oilprice Nyheter

Energy,Cent,Mexico

Brent crude futures for November settled 59 cents lower, or 0.8 per cent, to $73.90 a barrel, while U.S. crude futures for November fell 63 cents, or 0.9 per cent, to $70.37

Oil prices closed lower on Monday as worries about demand were compounded by disappointing euro zone business activity and a weak Chinese economy.

U.S. business activity was steady in September, but average prices charged for goods and services rose at the fastest pace in six months, potentially hinting at a pickup in inflation in the coming months. After almost a year of war in Gaza, Israel is shifting its focus to its northern border, across which Hezbollah has been firing rockets in support of its ally Hamas.

 

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