Oil extends losses after dollar rises on shifting interest rate outlook

SINGAPORE: Oil prices fell on Monday, extending losses from the previous session after the dollar rose on market views that higher-than-expected inflation could delay cuts to high U.S. interest rates that have been capping global fuel demand growth.

Brent crude futures fell 14 cents, or 0.2%, to $81.48 a barrel by 0656 GMT, while U.S. West Texas Intermediate crude futures (WTI) declined 22 cents, or 0.3%, to $76.27 a barrel as the U.S. dollar strengthened. A stronger dollar makes oil more expensive for holders of other currencies.