Also tugging down the energy commodity as the trade week kicks off was economic data about slimmed down processing in China last month. Futures fell to their lowest level since last September after the National Bureau of Statistics in Beijing stated refining fell 9.36 million barrels per day last month. OPEC saw production push to its top rate since late last year.
"People are worried about the build in global supplies and weaker demand," senior market strategist Bill Baruch with iiTrader.com in Chicago told the news source on Monday. "The China data is bearish."
At 10:54 a.m. on Monday, Brent crude oil futures dropped 1.41 percent, a $1.46 sink to $102.45 per barrel. At 10:55 a.m., WTI crude oil futures fell 1.36 percent, a $1.31 loss to $94.73 per barrel.
The energy commodity's losses during the Monday trade session also were correlated with the strong performance of the U.S. dollar against its top rivals, according to Reuters.
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