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Renewed concerns over Chinese growth weighed on crude prices on Monday, with WTI and Brent falling more than three percent. It was the largest single-day decline in a month.
Meanwhile, the U.S. oil rig count jumped by 10 last week, a sign that the U.S. shale industry could be adding rigs back into operations.
“We’re seeing oil prices really start to break down here,” Phillip Streible, senior market strategist at RJO Futures in Chicago, told Reuters on Monday. “One of the factors that played in is the rising rig count that we saw on Friday.”