Oil prices edged lower on Monday as investors weighed economic storm clouds that could foreshadow a global recession, and erode fuel demand, against potentially tighter supply, News.az reports citing TASS.

Brent crude futures fell 69 cents, or 0.7%, to $97.23 a barrel by 1:11 p.m. EDT (1711 GMT). West Texas Intermediate crude declined by 36 cents, or 0.4%, to $92.57 a barrel.

U.S. Federal Reserve Chicago President Charles Evans said there was a strong consensus at the Fed to raise the target policy rate to around 4.5% by March and hold it there.