Oil fell on Monday as concern over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from Opec+ supply cuts taking effect this month.
The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The US dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. Brent crude fell 97 cents, or 1.2 per cent, to $79.36 a barrel by 1712 hrs (India time), while US West Texas Intermediate (WTI) crude slid $1.44, or 1.9 per cent, to trade at $75.34.
