WTI crude oil futures settled at $71.19, down $0.74, down -1.02%

The move to the downside was helped by China growth concerns and by a stronger USD after much better-than-expected housing starts and Building permits.

Traders are now looking forward to upcoming weekly private inventory and EIA data, as well as other key economic indicators including testimony from Federal Reserve Chair Powell on Wednesday and Thursday. The BOE and SNB announce monetary policy decision this week (on Thursday). UK CPI will also be released on Wednesday. Flash PMI data will be released on Friday in Europe and the US.