Oil prices decrease on world markets

Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive U.S. interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure, News.Az reports citing Reuters. 

Brent crude futures for October settlement declined $1.20, or 1.2%, to $95.52 a barrel by 0458 GMT.

U.S. West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, were down $1.24, or 1.4%, at $89.53 a barrel. The more active October contract was at $89.27, down $1.17, or 1.3%.

Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5% for the week on a stronger dollar and demand fears.


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