LONDON (SHARECAST) - Crude oil futures fell on Monday with trading mostly subdued due to the US Labor Day holiday.
While there was no Floor Trading during Monday’s holiday crude for October delivery fell 58 to $74.02 a barrel in electronic trading on the New York Mercantile Exchange.
Concern about declining demand for oil drove prices lower, as the US driving season comes to an end. Monday’s Labor Day officially marked the end of the summer driving season.
Unease about the struggling US economy and an oversupplied oil market is also weighing on oil demand. Crude inventory levels are now at the highest level since June, according to last week’s figures from the Energy Department.
Traders will also be keeping an eye on Tropical Storm Hermine, which reached the Gulf of Mexico Monday evening US time.
Gold for December delivery was little changed at $1,251.20 on the Comex division of the New York Mercantile Exchange. Floor trading was closed Monday for the US holiday.
