Oil extends losing streak on fears Fed hike will dampen fuel demand
TOKYO (Reuters) -Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand.
Brent crude futures for September settlement had fallen 67 cents, or 0.7%, to $102.53 a barrel by 0421 GMT, down for a fourth day.
U.S. West Texas Intermediate (WTI) crude futures for September delivery slid 77 cents, or 0.8%, to $93.93 a barrel, also down for a fourth day.
Both gave up early gains.
“Oil prices have been under pressure due to growing worries that aggressive rate rises by the U.S. Federal Reserve will slow the global economy and reduce fuel demand,” said Tetsu Emori, chief executive of Emori Fund Management Inc.
