Crude Oil Futures Move Lower After Long Weekend

Crude oil futures lose ground as U.S. markets return from the Presidents Day long weekend, with concerns about global economic activity outweighing possible impact on supply from Houthi rebel attacks on shipping in the Red Sea. The decision by Chinese banks to cut a key lending rate to spur a struggling economy is weighing on crude, Peter Cardillo, chief market economist at Spartan Capital says in a note. China is among the main sources of expected demand growth in 2024, according to both OPEC and the IEA. WTI for April delivery, the most active contract, is off 0.3% at $78.25 a barrel and April Brent is 0.1% lower at $83.44 a barrel. March WTI, which expires today, is up 0.8% at $79.80.