Brent crude fell US$1.62, or 1.8%, to $86.27 a barrel, while U.S. West Texas Intermediate (WTI) crude settled down $1.83, or 2.2%, to $83.31.Both benchmarks rose for a fifth week in a row last week, gaining about 2% to reach their highest since October 2014.
NEW YORK: Oil prices fell about 2% on Monday, hit by investor concerns over the possibility of quicker than expected interest-rate hikes by the U.S. Federal Reserve that took down risk markets such as equities while the dollar rallied.
Wall Street stocks slumped, after last week posting their worst week since 2020, pulling down other risk assets like crude.
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