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International benchmarks for crude oil extended the weakening trend on Monday, 4 December 2023 adding to the 2% reductions recorded in the previous week. Although Saudi Arabia defended the oil cartel’s production decision set over the weekend by raising the possibility of prolonging the cut to March 2024, the market seemed more focused on the weak demand conditions. Global manufacturing activities contracted in November while China's economy is still hitting bumpy road to recovery.

Brent crude futures settled down 85 cents/barrel or 1.08%, close at $78.03/barrel. 

WTI crude futures finished down $1.03/barrel or 1.39%, close at $73.04/barrel.