Oil prices fell on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts, News.Az reports citing Reuters. 

Brent crude slipped 75 cents, or 0.92%, to $80.91 a barrel by 0409 GMT, while U.S. West Texas Intermediate crude was at $77.13 a barrel, down 74 cents, 0.95% lower.

Both contracts fell more than 5% last week, their first weekly drop in five, as U.S. implied gasoline demand fell from a year ago, fuelling worries of a recession at the world's top oil consumer.

News.Az