Oil futures ended lower Monday, seeing some pressure amid worries about China’s property sector. Losses were modest, however, with the market seen as potentially overdue for a pullback after key crude benchmarks on Friday logged a seventh straight weekly gain.
Price action
West Texas Intermediate crude for September delivery
CL00,
-0.87%
CL.1,
-0.87%
CLU23,
-0.87%
fell 68 cents, or 0.8%, finishing at $82.51 a barrel on the New York Mercantile Exchange.
October Brent crude
BRN00,
BRNV23,
,
the global benchmark, fell 60 cents, or 0.7%, to settle at $86.21 a barrel on ICE Futures Europe.
Back on Nymex, September gasoline
RBU23,
-2.05%
dropped 2% to finish at $2.906 a gallon, while September heating oil
HOU23,
-1.43%
shed 1.1% to $3.088 a gallon.
September natural gas
NGU23,
+1.55%
gained 0.9% to finish at $2.795 per million British thermal units.
Market drivers Oil has rallied this summer as Saudi Arabia in July implemented a voluntary production cut of 1 million barrels a day — a cut that was recently extended through September. Russia has also moved to extend an additional supply cut of 300,000 barrels a day. B …
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