“Brent fell below $100 because of the economic outlook in Europe and China,” Bill O’Grady, chief market strategist at Confluence Investment Management, said in the Bloomberg article. “The picture in Europe looks horrible and the Chinese growth rate is slowing, which means oil demand isn’t going to rise as much as we expected.”
Looking ahead, oil traders are also anticipating higher U.S. crude oil supplies data on Wednesday for the past week.
United States Brent Oil Fund
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Max Chen contributed to this article.