Oil prices fell in early Asian trading on Monday as fears of a global economic slowdown and the prospect of the Federal Reserve raising interest rates were met with expectations of supply cuts in light of the cuts announced by the “OPEC+” group.
Brent crude futures fell 20 cents, or 0.3 percent, to $75.21 a barrel after settling up 0.8 percent on Friday. U.S. West Texas Intermediate crude fell 23 cents, or 0.3 percent, to $70.41 after closing up 1.1 percent in the previous session.
Brent fell for the fourth consecutive quarter at the end of June, while West Texas Intermediate crude posted a second quarterly decline as the world's two largest economies, the United States and China, slowed in the second quarter.
Source (Al-Arabiya.net Website, Edited)
