Oil prices fell on Monday as traders expected additional rate hike signs from the United States and Europe, with tightened supply and prospects for Chinese stimulus supporting Brent at $80 per barrel.
Brent crude futures had fallen 31 cents, or 0.4%, to $80.76 per barrel. West Texas Intermediate (WTI) crude in the United States was trading at $76.74 per barrel, down 33 cents, or 0.4%.
The benchmarks increased 1.5% and 2.2%, respectively, for the fourth week in a row, as supply is forecast to tighten following OPEC+ cuts. Fighting also erupted in Ukraine last week after Russia pulled out of a U.N.-brokered secure maritime passage agreement for grain deliveries.
Investors have priced in quarter-point rate rises from the Federal Reserve and the European Central Bank this week, so what Fed Chair Jerome Powell and ECB President Christine Lagarde say about future rate hikes will be key.
Rising interest rates have stifled investment and boosted the currency, making dollar-denominated commodities more costly for holders of other currencies.
