Oil prices fell on Monday as investors awaited further rate hikes from the US and European central banks, while tight supply and hopes for Chinese stimulus kept Brent crude at $80 a barrel.
By 0045 GMT, Brent crude futures were down 41 cents, or 0.5 percent, at $80.66 a barrel. West Texas Intermediate crude futures fell 37 cents, or 0.5 percent, to $76.70 a barrel.
The two raw materials rose 1.5% and 2.2%, respectively, last week, in the fourth consecutive week of gains, with expectations of a decrease in supply in the wake of the OPEC + group cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a deal to transport grain across the Black Sea.
Investors are taking into account a quarter-point rate hike in the US Central Bank and the European Central Bank this week, so the focus will be on the statements of Federal Reserve Chairman (US Central Bank) Jerome Powell and European Central Bank President Christine Lagarde regarding raising interest in the future.
Market players are also anticipating that China will implement stimulus measures to support its faltering economy, which will likely revive demand for oil in the world's second largest oil consumer.
Regarding supplies, UAE Energy Minister Suhail Al Mazrouei said on Friday that OPEC+ moves to support the oil market are sufficient for the time being, adding that the group is ready to take further steps when necessary.
