Brent crude futures fell $1.91 to $72.88 a barrel by 0902 GMT, while U.S. West Texas Intermediate crude was down $2.02 at $68.15
Oil prices fell $2 on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market.
“Oil prices are caught in a clash between two opposing forces, bearish asset allocators who point to monetary contraction and bullish oil speculators expecting lower inventories in 2H23,” Bank of America Global Research’s Francisco Blanch said in a note. Most market participants expect the U.S. central bank to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday.
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