Beijing, Nov. 13 (BNA): Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment.
Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel.
While the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.49, down 68 cents, or 0.88%, according to Reuters.
Both benchmarks were well below the 100-day moving average of $86.61 a barrel for WTI and $82.31 a barrel for Brent.
Prices gained nearly 2% last Friday as Iraq voiced support for oil cuts by OPEC+, but lost about 4% for the week, notching their third weekly losses for the first time since May.
The U.S. Energy Information Administration (EIA) said last week crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.
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