Oil Extends Losing Streak

Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in US interest rates would weaken fuel demand.
Brent crude futures for September settlement fell $1.19, or 1.2%, to $102.01 a barrel, down for a fourth day. 
WTI crude futures for September delivery slid $1.33, or 1.4%, to $93.37 a barrel, also down for a fourth day, Reuters reported.
Both gave up early gains.
"Oil prices have been under pressure due to growing worries that aggressive rate rises by the US Federal Reserve will slow the global economy and reduce fuel demand," said Tetsu Emori, chief executive of Emori Fund Management Inc.
Oil futures have been volatile in recent weeks, as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.
Officials at the Fed have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting.
China, the world's second-biggest economy, narrowly missed a contraction in the second quarter, growing just 0.4% year-on-year, weighed down by Covid-19 lockdowns, a weak property sector and cautious consumer sentiment.