WASHINGTON (dpa-AFX) - Oil prices fell on Monday as the dollar extended its climb amid angst over global growth.
Benchmark Brent crude futures dropped 0.9 percent to $95.85 per barrel while WTI crude futures were down 0.9 percent at $89.666.
Recession worries persisted following hawkish comments from ECB and Fed officials.
The dollar resumed its rally to hover near five-week high after another Federal Reserve official flagged the likelihood of continued aggressive monetary tightening.
Richmond Fed President Thomas Barkin said central bankers were inclined towards faster, front-loaded interest rate increases, even if that meant risking a U.S. economic recession.
Elsewhere, Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that inflation in Germany could hit a 70-year high of 10 percent this fall as Russian natural-gas supplies slow.
A recession appears likely next winter but the European Central Bank should continue increasing rates to tame inflation, he added as Russia announced a three-day halt to European gas supplies via the Nord Stream 1 pipeline at the end of this month, exacerbating the region's energy crisis.
Worries over slowing fuel demand in China, the world's largest oil importer, in part due to a power crunch in the southwest caused by a heatwave, also weighed on prices.
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