Oil falls 4% on concerns economic slowdown may dent fuel demand

Oil prices fell on Monday in volatile trading, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Brent crude futures for October settlement fell $3.99, or 4.1%, to $92.73 a barrel by 1411 GMT.

U.S. West Texas Intermediate (WTI) crude for September delivery – due to expire on Monday – was down $3.77, or 4.1%, at $87. The more active October contract was down $3.73 cents, or 4.1%, at $86.71.

“Choppy trade continues. There remain many factors influencing the oil price right now from a tight market to a diminishing growth outlook and a potential Iran nuclear deal,” said Craig Erlam, senior market analyst at OANDA.