Crude oil dropped on weak global economic outlook
Sep 07th 2015
Crude oil prices extended losses at the beginning of Monday trading session. Amid thin trading as U.S markets are closed for Labor Day holiday which decreased demand for oil. On the other hand, the retreat of U.S dollar and the release of disappointing U.S Nonfarm Payrolls data have also weighed on oil markets as it raised concerns about slow global economic growth. Then the prices remained under pressure due to oversupply of crude oil in global markets against a decline of demand from China the second largest consumer of oil in the world.