WTI crude futures shed more than 3% on Thursday morning
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.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
The total number of active drilling rigs in the United States rose by 1 this week, according to new data from Baker Hughes published Friday.