Oil Prices Decline in International Market
Oil prices fell on Monday, influenced by Moody’s downgrade of the United States’ sovereign credit rating and official data showing a slowdown in industrial output and retail sales in China.
Brent crude futures dropped by 51 cents, or 0.8%, to $64.90 per barrel.
Meanwhile, West Texas Intermediate crude futures increased by 45 cents, or 0.7%, to $62.04.
Both crude types rose by more than 1% last week after the United States and China—the world’s two largest economies and oil consumers—agreed to ease trade tensions for 90 days, during which they will significantly lower tariffs.
