Oil prices fell on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge its appetite for further rate hikes and amid concerns about the prospects for Chinese demand and rising Russian supply.
Brent crude futures was down $1.42, or 1.9%, to $73.37 a barrel by 0902 GMT. U.S. West Texas Intermediate (WTI) crude was at $68.61, down $1.56 or 2.2%.
Last week both benchmarks posted a second straight weekly decline as disappointing Chinese economic data raised concerns about demand growth in the world's largest crude importer.
That helped erase a boost in prices after Saudi Arabia pledged to cut production in July by 1 million barrels per day (bpd).
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
