Oil prices weighed down by new China, eurozone data
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The news: Oil prices closed lower on Monday, dragged down by concerns about demand following disappointing eurozone business activity and continued signs of a weak Chinese economy, Reuters reported.
The numbers: Brent crude futures for November settled 59 US cents lower, or 0.8%, to USD73.90 ($108.17) a barrel, while US crude futures for November fell 63 US cents, or 0.9%, to USD70.37.
The context: Eurozone business activity contracted sharply and unexpectedly this month as the bloc's services industry flatlined and a downturn in manufacturing accelerated.
China, the world's top oil importer, is grappling with deflationary pressures and struggling to lift growth despite a series of policy measures aimed at spurring domestic spending.
Both oil benchmarks rose more than 4% last week, boosted by the US Federal Reserve's decision to cut interest rates by 50 basis points and signal of further reductions in borrowing costs by the end of the year.
The source: Reuters
