2023.09.1119:01:00UTC+00Oil Futures Settle Lower

Crude oil prices fell on Monday, retreating a bit after having climbed to 10-month highs last week on Saudi Arabia and Russia's decision to extend their supply cuts.

Concerns about the outlook for energy demand from China hurt oil prices.

West Texas Intermediate Crude oil futures for October ended lower by $0.22 or about 0.3% at $87.29 a barrel.

Brent crude futures were down marginally at $90.61 a barrel a little while ago.

"OPEC+ has basically guaranteed the oil market will remain tight for the rest of the year, which means any softening demand side headlines will only produce buying opportunities. Unless the global economy takes a severe turn for the worse, oil prices look like they are going to stay elevated," says Edward Moya, Senior Market Analyst at OANDA.

Traders now look ahead to the release of key U.S. inflation and other data this week that could have a significant impact on the outlook for interest rates.

The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to release their monthly reports this week.