Oil prices slide on uncertainty over global economic outlook, rate hikes

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.


You Might Also Like