Oil prices fell below $66 a barrel Monday in Asia on investor concerns that crude demand will remain weak amid a slow global economic recovery.
Benchmark crude for September delivery was down $1.63 to $65.88 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract tumbled $3.01 to settle at $67.51, The Associated Press reports.
"It's a very weak market, continuing the weak tone on Friday, linked to falling stock markets and more bearish sentiment about demand," said Christopher Bellew, a broker at Bache Commodities.
U.S. crude oil futures fell $1.44 to $66.07 a barrel by 5:08 a.m. EDT. Prices hit an intra-day low of $65.69, the lowest since July 31. Brent crude lost $1.37 to $70.07, Reuters informs.
Crude prices slid further in Asian trade on Monday as markets reacted to falling consumer confidence in the United States, analysts said.
New York's main futures contract, light sweet crude for delivery in September, shed 56 cents to USD 66.95 a barrel in early trade from its close on Friday.
Brent North Sea crude for October delivery fell 44 cents to $71.00., Economic Times reports.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year