Crude prices slump amid supply worries
Crude oil prices slumped earlier on Monday as investors remained cautious about ongoing supply and demand worries.
U.S. crude futures slipped by 0.8%, exchanging hands at $37.05 per barrel, while Brent futures fell by 0.7% to $37.55 per barrel.
Market sentiment was further soured after the publication of BP’s new outlook for the energy industry, which forecasted that global oil demand would even out as early as the mid-2020s before going into a long-term decline. Most forecasts at the beginning of the year had put ‘peak oil demand’ no earlier than 2040.
However, July data from Japan and the Eurozone showed performance slightly above expectations.