Oil prices extend losses, down over 3%
Prices of oil futures extended losses on Monday, dipping over 3% as China's disappointing economic data dampened the future demand outlook.
Lower-than-expected industrial production and retail sales led China's central bank to cut its key interest rates unexpectedly. The economic slowdown in the country, which is one of the world's largest crude importers, seemingly raised worries over the demand for oil.
West Texas Intermediate (WTI) for settlements in September dipped 3.61% and sold for $88.82 per barrel at 5:33 am ET, while Brent for deliveries in October tumbled 3.32%, selling for $94.81 per barrel at 5:35 am ET.