Commodity Capsule: Brent crude oil extends last weeks losses; gold rises; copper steady | Watch video

Commodity Capsule: Oil prices extended last week's losses on Monday on concern about slow demand in China.

Lingering geopolitical risk surrounding the Middle East and Russia caps the decline.

Brent futures fell to $81.50/barrel. US WTI futures dropped to $77.50

Both benchmarks fell last week, with Brent down 1.8 per cent and WTI 2.5 per cent lower on bearish Chinese data which pointed at softer demand.

US job growth accelerated in February, but a rise in the unemployment rate and moderation in wage gains kept June's interest rate cut from the Federal Reserve on the table.

China last week set an economic growth target for 2024 of around 5 per cent, which many analysts called ambitious without much more stimulus.

China's imports of crude oil rose in the first two months of the year vs the same period in 2023, but they were weaker than the preceding months, continuing a trend of softening purchases.

On the supply side, OPEC+ agreed early this month to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter.

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