OPEC’s oil output prediction sent crude prices down 2% on Monday

After OPEC lowered its outlook for the rest of this year and 2025 global oil demand, crude oil prices dropped 2% on Monday.

At the same time, China’s oil imports slipped for the fifth consecutive month.

West Texas Intermediate crude dropped $1.73 or 2.29% and settled at $73.83 a barrel on the New York Mercantile Exchange.

Brent crude, the global standard, finished down $1.58 or 2% to $77.46 per barrel.

The declines came after WTI rose $1.18 last week and Brent gained 99 cents.

At one point in Monday’s trading, Brent crude plunged 5% or more than $4 after a report that Israeli Prime Minister Netanyahu had informed the U.S. his country was willing to strike Iranian military targets and not those related to energy.

Monday’s trading resulted in more losses than gains for Oklahoma energy stocks.  The biggest drop, nearly 3.5%, was recorded by Empire Petroleum Co.