Oil prices fell today after China cut its lending reference rates less than expected, and this decision raised growing concerns about the outlook for oil demand in the world’s largest importer of crude.
Brent crude declined by five cents to reach $76.04 a barrel, while the US West Texas Intermediate crude for July delivery declined by 99 cents from Friday’s closing, to close at $70.79. The July contract is expected to expire at the end of today’s trading.
The US crude contract for August delivery, the most active, also fell 71 cents from Friday’s closing, to reach $71.22 a barrel.
It is noteworthy that the US crude contract was not settled yesterday, “Monday”, due to a public holiday in the United States.
