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 per cent, to $86.01 a barrel by 0040 GMT, after settling 4.1 per cent higher on Friday. U.S. West Texas Intermediate crude was at $92.11 a barrel, down 73 cents, or 0.8 per cent, after a 3.9 per cent gain in the previous session.
Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, were offset by ongoing lockdowns in China, the world’s top crude importer.
