West Texas Intermediate fell toward $76 a barrel after closing up 1.3% on Monday following a report that the Organization of Petroleum Exporting Countries and its allies may consider deeper supply curbs when they meet this weekend. US central bank luminaries including New York Fed President John Williams stressed they will raise borrowing costs further to curb inflation.
Crude fell as much as 3.5% earlier on Monday after rising Covid-19 cases and demonstrations against virus curbs across China over the weekend buoyed the dollar and spurred concern that a crackdown could suppress demand. However, the situation on the streets has quietened amid a heavy police presence.
Oil is on course for the biggest monthly loss this year as tighter monetary policy risks setting the stage for a global slowdown that could endanger energy consumption.
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