Brent crude closes at lowest level in November

Oil drilling rigs

Oil prices deepened their losses on Nov. 11, amid renewed demand concerns coinciding with the rise of the dollar against major currencies, which put pressure on commodity prices denominated in the US currency.

Brent crude futures for January 2025 delivery fell 2.75%, or $2.04, to $71.83 a barrel, the lowest since Oct. 29 ($70.73).

WTI crude futures for December delivery fell by 3.45%, or $2.34, to $68.04 a barrel, the lowest level in nine sessions.

China's overall financing, a broad measure of credit, slowed to 1.4 trillion yuan ($195 billion) in October from 1.8 trillion yuan in the same month last year, data from the People's Bank of China showed.

Over the weekend, economic data showed that China's producer prices contracted for the 25th straight month, with the consumer price index slowing to 0.3% in October from 0.4% in September, contrary to expectations of stable annual inflation.