Oil prices continued to fall, after falling nearly five percent in the previous session to a five-week low, as investors await further rate hikes this week.
Brent crude futures fell 13 cents, or 0.2 percent, to $75.19 a barrel, while West Texas Intermediate crude fell 13 cents, or 0.2 percent, to $71.53.
The Federal Reserve is expected to raise rates by 25 basis points on Wednesday to curb inflation, and the European Central Bank is expected to raise rates at its regular meeting on Thursday. Further rate hikes could slow economic growth and undermine energy demand. Energy prices are also under pressure after Chinese data over the weekend showed an unexpected decline in manufacturing activity in April.
Source (Al-Rai Kuwaiti Newspaper, Edited)
