NEW YORK, Oct. 21 (Xinhua) -- Oil prices dipped on Monday as market participants continued to be worried that a slowing global economy would weigh on energy demand.
The West Texas Intermediate (WTI) for November delivery decreased 0.47 U.S. dollar to settle at 53.31 dollars a barrel on the New York Mercantile Exchange, and Brent crude for December delivery erased 0.46 dollar to close at 58.96 dollars a barrel on the London ICE Futures Exchange.
Both benchmark crude contracts finished at their lowest since Oct. 8, according to FactSet data.
Investors grow concerned about slowing global growth and are convinced that this will dampen crude demand and further push down oil prices.
"The concerns about demand, which are responsible for keeping the price in check, have flared up again as a result of the latest estimates and comments from the energy agencies," Carsten Fritsch, energy analyst at Commerzbank Research said in a note.
The gloomy sentiment on the oil market is unlikely to change until a convincing solution is found to the disputes between Washington and its key trading partners, Fritsch added. Enditem
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