NEW YORK, Sept. 24 (Xinhua) -- Crude prices fell on Monday as the global economic outlook tended to be weak on soft data and the dollar strengthened.
New stimulus plans from central banks in Europe, Japan and the U.S. have not been enough to overcome pessimism about the global economic prospects. Investors started to re-focus on the weakening economic fundamentals and worried about crude demand.
German business sentiment dropped in September for the fifth straight month, fueling fears of recession in the largest economy of euro zone. In addition, the markets remained cautious about the bailout plan for Spain that was in discussion, worsening worries about the region's future.
In the U.S., the Labor Department said on Friday that the unemployment rate climbed in more than half of the country's states in August, the latest evidence to tepid job markets.
The World Trade Organization, meanwhile, cut forecasts for global trade growth for this year and next.
Besides, the strengthening dollar added further pressure to the oil market, while weaker global equity markets set the bearish tone.
The dollar index rose about 0.4 percent as the euro was pressured by the disappointing German data and increasing uncertainties in Spain and Greece.
But, the continuing tension in the Middle East limited the losses.
Light, sweet crude for November delivery lost 96 cents, or 1.03 percent to settle at 91.93 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for November delivery also dropped and broke 110 dollars a barrel.