WASHINGTON (dpa-AFX) - Crude oil prices drifted lower on Monday amid concerns about the outlook for energy demand due to a potential recession in the U.S. later this year.
Uncertainty about interest rate hikes, and the dollar's rise against other currencies weighed as well on oil prices.
West Texas Intermediate crude oil futures for May ended lower by $1.69 or about 2.1% at $80.83 a barrel.
Brent crude futures settled at $84.76 a barrel today, down $1.55 or about 1.8% from the previous close.
It is widely expected that the Federal Reserve will raise interest rate by 25 basis points in May, and that any cut in interest rate might happen only during the later part of the year.
Meanwhile, official data showed crude oil exports from Saudi Arabia fell to 7.455 million barrels per day from 7.658 million barrels per day in January.
A report from the Energy Information Administration showed U.S. shale crude production in the seven biggest shale basins in the country is expected to rise by 49,000 barrels per day in May to 9.33 million barrels per day.
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