Crude oil futures ended lower on Monday as concern for a prolonged trade war and its risk to global crude demand was rekindled. Meanwhile, China’s currency weakened below the important level of 7 yuan to the dollar, sparking a global selloff in equities and other assets perceived as risky as investors flooded into haven assets, including Treasurys. Besides, oil markets also awaited monthly Short Term Energy Outlook from the Energy Information Administration.
Benchmark crude oil futures for September dropped 97 cents or 1.7 percent to settle at $54.69 a barrel on the New York Mercantile Exchange. October Brent, down slightly on the day, to settle at $59.81 a barrel on London’s Intercontinental Exchange.