Oil prices fell on Monday, after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil consumer and as the U.S. dollar edged higher.
Brent crude futures fell $1.49, or 2.02% to $72.38 a barrel by 7:56 a.m. ET, while U.S. West Texas Intermediate crude futures were at $68.75 a barrel, down $1.63, or 2.32%.
Both benchmarks fell more than 2% on Friday.
The dollar firmed 0.40%, as traders prepared for a key reading of U.S. consumer inflation this week, as well as a parade of Federal Reserve speakers, including Chair Jerome Powell on Thursday.
A stronger dollar makes greenback-denominated commodities such as oil more expensive for holders of other currencies and tends to weigh on prices.
In China, consumer prices rose at the slowest pace in four months in October while producer price deflation deepened, data showed on Saturday, even as Beijing doubled down on stimulus to support the sputtering economy.
“Chinese inflation figures were again …