Energy | Oil | Oil Price Closing Report: Oil falls 1% as global demand concerns grow
3minutos - Source: CNBC Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh on Sept. 15, 2019. Fayez Nureldine | AFP | Getty Images Oil prices fell nearly 1% on Monday after comments from a U.S. official stymied hopes that a U.S.-China trade deal would be reached soon, feeding worries that a slowing global economy would reduce demand for oil. Brent crude futures settled down 47 cents, or 0.8%, to $58.94 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled 47 cents, or 0.9%, lower at $53.31 a barrel. Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November’s APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month. “The key thing is to get everything right that we do sign. That’s the important element. That’s what the president is wedded to,” Wilbur Ross said, after being asked if