Oil Prices Down ahead of Fed, ECB Rate Hike Decision

Market

Oil prices declined on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.

Brent crude futures dipped 41 cents, or 0.5%, to $80.66 a barrel. US West Texas Intermediate (WTI) crude was at $76.70 a barrel, down 37 cents, or 0.5%.

The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts.

Source: Qatar News Agency