Oil slumps on fears over economic slowdown, stronger dollar | Reuters
Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive U.S. interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure.
Brent crude futures for October settlement declined $1.20, or 1.2%, to $95.52 a barrel by 0458 GMT.
U.S. West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, were down $1.24, or 1.4%, at $89.53 a barrel. The more active October contract was at $89.27, down $1.17, or 1.3%.
Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5% for the week on a stronger dollar and demand fears.
"Growing fears over a global economic slowdown are behind the fall in oil markets," said Tatsufumi Okoshi, senior economist at Nomura Securities.
"A higher U.S. dollar also prompted fresh selling," he said.
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