WTI oil futures hit session low after Empire State survey disappoints

Investing.com - West Texas Intermediate oil futures hit the lowest levels of the session on Monday, following the release of disappointing data on manufacturing activity in the New York-region.

On the New York Mercantile Exchange, crude oil for delivery in January lost 75 cents, or 0.99%, to trade at $75.07 a barrel.

Nymex oil fell to $73.25 a barrel on Friday, the lowest level since September 2010.

The Federal Reserve Bank of New York said that its general business conditions index increased to 10.2 this month from a reading of 6.2 in October. Analysts had expected the index to rise to 11.1 in November.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery dropped $1.00, or 1.26%, to trade at $78.41 a barrel.

London-traded Brent futures hit $76.76 a barrel on Friday, a level not seen since October 2010.

Concerns over the global economic outlook were amplified after data showed that Japan's economy contracted by an annualized 1.6% in the third quarter, following a 7.3% decline in the previous quarter. Economists had forecast a 2.3% increase.

Japan is the world's fourth-biggest crude importer.

Meanwhile, market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will lower production when it meets later this month.

London-traded Brent prices have fallen nearly 32% since June, when it climbed near $116, while WTI futures are down almost 30% from a recent peak of $107.50 in June.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to reduce production.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.