Oil prices fall as the prospect of further interest rate hikes in the United States and Europe to quell inflation and Covid-19 restrictions in China overshadow the global demand outlook
Global oil prices may rebound towards the end of the year — supply is expected to tighten further when a European Union embargo on Russian oil takes effect on December 5.
Brent crude futures dropped 78 cents, or 0.9 percent, to $86.01 a barrel by 0040 GMT, after settling 4.1 percent higher on Friday. US West Texas Intermediate crude was at $92.11 a barrel, down 73 cents, or 0.8 percent, after a 3.9 percent gain in the previous session. "Demand concerns centred on the impact of rising interest rates to combat inflation and China's Covid-zero policy," Commonwealth Bank of Australia analyst Vivek Dhar wrote in a note.
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