Oil futures settled at their lowest level in more than two weeks on Monday as data showing weaker-than-expected industrial production in China and a decline for Shanghai’s stock market raised concerns that demand for crude from the world’s second-largest consumer will weaken.Traders also braced for more volatility and possibly lower oil prices in coming weeks. Goldman Sachs Group Inc. said last week that U.S. oil prices could fall to as low as $20 a barrel to clear out a global supply glut.
October West Texas Intermediate crude CLV5, +0.57% settled at $44 a barrel, down 63 cents, or 1.4%, on the New York Mercantile Exchange, marking its lowest settlement since Aug. 27.
October Brent crude LCOV5, -0.17% on London’s ICE Futures exchange, which expires Tuesday, saw prices fall $1.77, or 3.7%, to $46.37 a barrel.
Even so, oil prices have found some support in recent sessions. On Friday, Baker Hughes BHI, +0.19% reported that the number of active U.S. oil-drilling rigs fell by 10 to 652 rigs last week, the second consecutive week of declines, raising hopes that lower oil prices may have started to affect shale-oil producers.
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