Oil prices declined on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market.
Brent crude futures fell 97 cents, or 1.3%, to $73.82 a barrel by 0437 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.24 a barrel, also down 1.3%.
Both benchmarks notched their second straight weekly decline last week as disappointing China economic data raised concerns about demand growth in the world's largest crude importer, offsetting a boost in prices from Saudi Arabia pledging to cut production by 1 million barrels per day (bpd) in July.
The Fed's rate hikes have strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices.
Most market participants expect the U.S. central bank to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday.
Source : Reuters
