Oil prices dipped on Monday, extending the losses they had suffered in the prior week, as concerns over a deteriorating demand outlook continued to weigh on the market, Trend reports citing Xinhua.
The West Texas Intermediate (WTI) for December delivery decreased 35 cents, or 0.44 percent, to settle at 79.73 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 17 cents, or 0.19 percent, to close at 87.45 dollars a barrel on the London ICE Futures Exchange.
Last week, the WTI shed 9.98 percent, while the global crude benchmark dropped 8.7 percent, based on the front-month contracts.
Traders continued to worry that a global economic slowdown would subdue demand for energy.