Crude prices fall on global growth concerns, ample supply

U.S. crude prices fell Monday on growth concerns across the globe and expectations of increasing supply from the Middle East.

Chinese Finance Minister Lou Jiwei said that China's economy faces downward pressure, but added there will not be significant policy adjustments in response to individual economic indicators, dampening investors' speculations of aggressive policy.

Elsewhere, some key economic indicators also fell below market expectations in July and August, pointing to slowing momentum in the economy after a brief rebound in the second quarter.

In the United States, existing homes sales slipped 1.8 percent in August after four consecutive months of gains, as investors paying in cash retreated from the market, the National Association of Realtors said Monday.

In Europe, economic growth outlook also remained gloomy as recent data from the area were still sluggish.

On the other hand, the Sharara oil field, the largest oilfield in Libya, was not damaged after a rocket attack last week and will resume production soon. Brent crude, the benchmark for international oil, is vulnerable to situation in the Middle East and North Africa.

Light, sweet crude for October moved down 89 cents to settle at 91.52 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery fell 1.42 dollars to close at 96.97 dollars a barrel.