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Asharq Al-Awsat

Business

Asharq Al-Awsat

Oil Falls as Investors Take Profit amid China Demand Concerns

ING China Oil Stephen Innes OPEC

A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan

Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand.

Brent crude futures for December settlement fell by as much as 1.1%, and was last down 39 cents, or 0.4%, at $97.53 a barrel by 0645 GMT.

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