London, Aug. 19 (EFECOM) – Brent crude for October delivery closed down 2.54 percent at $77.66 on Monday on the London ICE Futures exchange.
North Sea crude, the benchmark in Europe, fell $2.02 compared to the last trade on the Intercontinental Exchange (ICE), when it closed at $79.68.
Oil prices settled back below the 80 euro level, with bearish sentiment prevailing among investors in the face of economic data coming from China, a factor that weighed more heavily than tensions in the Middle East and the escalation of the conflict between Ukraine and Russia.
Brent responded downward to speculation of a decline in demand for crude oil in China, the main oil importer, due to signs of an economic slowdown shown by the Asian giant.
On the upside, the situation in the Middle East and the possibility that peace negotiations over Gaza are on track have curbed investor concerns about a potential cut in oil supplies.
The market is waiting for the US Federal Reserve to decide whether to cut interest rates next September, which could translate into increased demand for oil. Avicom
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