Oil prices fell on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the US Federal Reserve weighed on prices, offsetting forecasts of tighter supplies amid OPEC+ cuts.
Brent crude futures were last down 0.4 per cent, or 27 cents, to $75.14 a barrel by 0630 GMT after settling up 0.8 per cent on Friday. US West Texas Intermediate crude was at $70.36 a barrel, down 0.4 per cent or 28 cents, after closing 1.1 per cent higher in the previous session.
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