Oil prices ended a bit lower on Monday, easing back after logging a more than 2% gain last week. While demand concerns continue to “headline downside risk” for oil, fundamental conditions remain undersupplied for now, as has been clear from strong draws to commercial U.S. crude stocks in recent weeks,” said Robbie Fraser, manager, Global Research & Analytics at Schneider Electric. October West Texas Intermediate crude CLV23, +0.44% fell 22 cents, or nearly 0.3%, to settle at $87.29 a barrel on the New York Mercantile Exchange after trading as high as $88.15, the highest intraday level for front-month futures so far this year.
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