Oil slipped 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 and OPEC+ output cuts.
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.
Brent crude futures were down 4 cents to $75.37 a barrel by 0800 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.55 a barrel down 9 cents, after closing 1.1% higher in the previous session.
Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world's top two economies, the U.S. and China, lost speed in the second quarter.
Source : Reuters
