Oil futures log lowest settlement in more than 2 weeks

Oil futures settled at the lowest level in more than two weeks Monday as data showing China’s economic growth fell to its slowest pace since the financial crisis raised concerns about the outlook for energy demand.

Losses for oil also came on the heels of a nearly 6% drop in futures prices for gasoline, as oil-refinery maintenance draws to a close and the market faces seasonal demand weakness.

November West Texas Intermediate crude CLX5, +0.46% fell $1.37, or 2.9%, to settle at $45.89 a barrel on the New York Mercantile Exchange, ahead of the contract’s expiration on Tuesday. Prices saw a loss of 4.8% last week and settled Monday at their lowest level since Oct. 2.

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