Brent Crude: Oil fell below $103 per barrel on Monday, sliding for the fourth straight session, as fears that a global economic slowdown would hurt energy demand outweighed signs of ongoing market tightness and disrupted supply.
The US Federal Reserve is expected to deliver another 75 basis point rate hike this week, leading a global fight against surging inflation that some feared would cause a demand destruction.
Advance estimates for second quarter US GDP due on Thursday will give investors insight on the state of the world’s largest economy.
Meanwhile, time spreads in futures contracts continued to signal tight oil supply, with near-term prices trading at a premium over later-dated ones.
Last week, President Joe Biden failed to secure a pledge from Arab leaders to pump more oil, while Central Bank Governor Elvira Nabiullina said that Russia will not supply oil to countries that would impose a price cap on its oil.