The price of domestic crude oil fell below $80 a barrel on Monday, and international Brent crude briefing dipped below $85.
Reuters reports stronger U.S. manufacturing data for October boosted the U.S., and Chinese economic data hinted at slowing growth.
{mosads}”U.S. manufacturing was stronger than expected and China was weaker than expected. The divergent growth in those economies is driving the dollar higher and putting downward pressure on the oil market,” Phil Flynn, analyst at Price Futures Group in Chicago, told Reuters.
The recent drop in oil prices has raised concerns for U.S. oil producers, and the market is looking to the Organization of Petroleum Exporting Countries to cut production soon.