KONTAN.CO.ID - SINGAPORE. Oil prices fell on Monday with the global fuel demand outlook overshadowed by COVID-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe. Brent crude futures dropped $1.01, or 1.1%, to $91.83 a barrel by 0630 GMT, after settling 4.1% higher on Friday. U.S. West Texas Intermediate crude was down $1.13 at $85.66 a barrel, or 1.3%, after a 3.9% gain in the previous session. Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, were offset by ongoing lockdowns in China, the world's top crude importer.
Oil Prices Drop amid China COVID Curbs, Possible Rate Hikes
KONTAN.CO.ID - SINGAPORE. Oil prices fell on Monday with the global fuel demand outlook overshadowed by COVID-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe. Brent crude futures dropped $1.01, or 1.1%, to $91.83 a barrel by 0630 GMT, after settling 4.1% higher on Friday. U.S. West Texas Intermediate crude was down $1.13 at $85.66 a barrel, or 1.3%, after a 3.9% gain in the previous session. Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, were offset by ongoing lockdowns in China, the world's top crude importer.