TOKYO :Oil prices fell on Monday as jitters over the economic impact of the U.S. Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month.Brent futures for July delivery were down 56 cents, or 0
TOKYO :Oil prices fell on Monday as jitters over the economic impact of the U.S. Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh 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 . Meanwhile China's manufacturing purchasing managers' index declined to 49.2 from 51.9 in March, official data showed on Sunday, slipping below the 50-point mark that separates expansion and contraction in activity on a monthly basis.
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