WASHINGTON (Alliance News) – Crude oil futures were lower Monday as a stronger US dollar dented commodity prices.
Last week’s brief rally ran out of steam amid uncertainty over OPEC’s upcoming meeting in Algeria.
Markets await clues about whether Saudi Arabia will agree to curb supplies in an effort to put a floor under oil prices.
Oct. WTI oil was down 66 cents, or 1.4%, to settle at USD46.98/bbl. It was the first decline in three sessions.
In economic news, the Commerce Department said that income and spending rose in line with economist estimates in the month of July.
The report said personal income climbed by 0.4% in July after rising by 0.3% in June. The increase in income matched economist estimates.
Copyright RTT News/dpa-AFX