Oil prices drop as US rate hike fears, weak China data offset supply cuts
LONDON :Oil fell on Monday as concern over the economic impact of the U.S. Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from new OPEC+ supply cuts taking effect this month.
"The prospect of further rate hikes to be announced by the Fed this week is expected to drive an increase in near-term price volatility," said Baden Moore, head of commodity and carbon strategy at National Australia Bank . "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank.
Weak economic data from China was in focus. China's manufacturing purchasing managers' index declined to 49.2 from 51.9 in March, slipping below the 50-point mark that separates expansion and contraction in activity on a monthly basis.
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