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Crude oil moved lower again, extending the sharp slump from the previous session. Investors showed caution over the economy, reducing the outlook for energy demand.
Light sweet crude for Monday delivery fell to $68.86 per barrel, down 43 cents on the sessions. Prices slipped as low as $68.02 earlier in the session.
With no major economic news on the calendar, traders turned their attention toward remarks from government officials. President Obama, speaking at Federal Hall in New York City on the anniversary of the collapse of Lehman Brothers, said that bankers must now accept responsibility for leading the financial system and the broader economy into a severe and deep recession.
Investors also looked ahead to Energy Information Administration data, which will return to Wednesday's calendar this week. Last week's data, released a day late because of Labor Day, revealed, crude inventories decreased by 5.9 million barrels last week.
Things pick up on the economic front tomorrow. Producer price index data is expected at 8:30 a.m. ET. PPI for August is expected to rise 0.8%, compared to an 0.9% drop in July. Core PPI is expected to rise 0.1%, compared to a drop of 0.1% last month.
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