Brent, WTI Slip Further

Brent, WTI Slip Further
Brent, WTI Slip Further

Oil slipped on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the US Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC+ output cuts.
Fears of a further slowdown hurting fuel demand grew after data on Friday showed US inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again, CNBC reported. 
Brent crude futures were down 4 cents to $75.37 a barrel after settling up 0.8% on Friday. US West Texas Intermediate crude was at $70.55 a barrel down 9 cents, after closing 1.1% higher in the previous session.
Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world's top two economies, the US and China, lost speed in the second quarter.
"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note.
Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand.
Factory activity growth in China also slowed in June as sentiment and recruitment cooled on the back of sluggish market conditions.

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