Crude oil futures declined on Monday, on the back of profit booking by traders on the recent rally which followed last week’s decision by OPEC and some non-OPEC producers to extend output curbs. Traders were also concerned with EIA report last week that US output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015. However, despite fears over rising U.S. output recent data showed traders increase their bullish bets on oil as net longs rose 39,500 to 651,100, the highest since April.
Benchmark crude oil futures for January delivery ended lower by $0.89 or 1.5 percent at $57.47 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was down by 1.8 percent to $62.48 a barrel on the ICE.
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