Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3%, after closing 1.1% higher in the previous session.
Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT after settling up 0.8% on Friday. Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again.
Global Economic Slowdown: Brent crude futures dropped 20 cents, or 0.3%, to USD 75.21 a barrel by 0044 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at USD 70.41 a barrel, down 23 cents, or 0.3%, after closing 1.1% higher in the previous session.
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SINGAPORE :Oil prices fell on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies amid OPEC+ cuts.Brent crude futures were last down 0.4 per cent, or 27 cents, to $75.14 a barrel