Oil prices slipped during Asian trade on Monday as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook.
Brent crude futures dropped 78 cents, or 0.9%, to $86.01 a barrel by 0040 GMT, after settling 4.1% higher on Friday. U.S. West Texas Intermediate crude was at $92.11 a barrel, down 73 cents, or 0.8%, after a 3.9% gain in the previous session.
