Oil Prices Fall As Traders Focus On Demand Concerns

Crude oil prices began the new week with a loss earlier today, with a renewed focus on demand in China and the United States weighing on benchmarks. In mid-morning Asian trade, both Brent and West Texas Intermediate had shed close to 1% following news that gasoline demand in the U.S. might fall to the lowest in two decades next year and that Chinese refiners had asked for lower volumes of Saudi crude for December, Reuters reported. While the forecast about U.S. gasoline demand might indeed be conducive to a more bearish behavior among traders,…