(MENAFN- ProactiveInvestors)
Crude oil futures settled lower as traders considered the outlook for crude demand after China stepped up efforts to boost its economy.
West Texas Intermediate for June delivery lost 0.2% to settle at US$59.25 a barrel on the New York Mercantile Exchange while Brent crude on London’s ICE Futures exchange fell 0.7% to US$64.91 a barrel.
The softer start to the week comes after eight straight weeks of gains based on the most-active contracts.
Over the weekend China the world’s second-largest consumer of oil cut interest rates for the third time in six months in an effort to stimulate its economy.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.