West TX Oil Lower to $96.35 on Rising Global Production

U.S. crude futures edged lower on Monday, following gains in the previous four sessions on strong economic data in the United States and worries that the intensifying crisis in Ukraine may trigger more sanctions.

Oil prices on both sides of the Atlantic registered their second straight month of losses in August, with Brent down 2.8 percent and U.S. crude falling 2.3 percent.

Weak demand and rising global production is weighing on oil despite the intensifying Ukraine crisis which could trigger more sanctions on Russia, Europe’s biggest supplier of oil, coal and natural gas.

CNBC

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