NEW YORK, July 10 (Xinhua) -- Crude oil futures prices declined on Monday as investors took profits following material growth in previous sessions.
The West Texas Intermediate (WTI) for August delivery dropped 87 cents, or 1.18 percent, to settle at 72.99 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery lost 78 cents, or 0.99 percent, to settle at 77.69 U.S. dollars a barrel on the London ICE Futures Exchange.
WTI oil pulled back as traders took some profits off the table near the high end of the multi-month trading range, said Vladimir Zernov, analyst with market information supplier FX Empire.
WTI oil grew more than 5 percent in the previous three sessions and reached the highest level since May 25.
Crude prices were weakening as concerns mounted that the global growth outlook was getting uglier by the day, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
Oil will struggle this week if inflation readings in the United States support the hawkish case for a couple of more rate hikes, while euro area industrial production remains lackluster, according to Moya.
"I think it's a very reasonable projection to say a couple of more rate hikes will be necessary" to bring down inflation, said San Francisco Federal Reserve President Mary Daly on Monday.
