Crude Oil Falls Below $125 a Barrel
Crude futures were sliding Monday after a report signaled that demand for oil and refined products in China may be slowing because of high commodity prices.
West Texas crude for June delivery was down $1.26 at $124.70 a barrel, and Brent crude was $1.76 lower at $123.64 a barrel.
Reformulated gasoline was losing 2 cents at $3.18 a gallon, and heating oil was falling 6 cents at $3.58 a gallon. Natural gas was off 8 cents to $11.46 per million British thermal units.
Weakening crude oil on Monday was new data showing that oil consumption in China declined in April due to elevated commodity prices. The data are among the first indications that soaring oil prices might be affecting demand for petroleum products in emerging markets.
Meanwhile, energy stocks were mixed.
BP
(BP) - Get Report
was 1.1% higher at $72.91, and
Exxon Mobil
(XOM) - Get Report
was up 0.4% at $89.19.
Shares of
ConocoPhillips
(COP) - Get Report
and
Chevron
(CVX) - Get Report
were down 0.4% and 0.2%, respectively.
Among exchange-traded funds, the
United States Oil
(USO) - Get Report
was down 1.3%, and the
iPath S&P GSCI Crude Oil Total Return Index
(OIL) - Get Report
was giving back 1.1%.