Oil settles lower on weak economic Chinese economic data | Reuters

Oil settles lower on weak economic Chinese economic data | Reuters

Oil prices settled lower on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.

Brent crude futures settled down $3.05, or 3.1%, to $95.10 a barrel after dropping 1.5% on Friday.

U.S. West Texas Intermediate crude settled down $2.68, or 2.9%, at $89.41 after dropping 2.4% in the previous session.

Brent futures were close to their lowest since before Russia sent troops into Ukraine on Feb. 24, while WTI futures touched their lowest on Monday since early February.

The central bank in China, the world's largest crude importer, cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis. read more