Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.
Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel after settling up 0.8% on Friday.
US West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3%, after closing 1.1% higher in the previous session.
Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the worlds top two economies, the US and China, lost speed in the second quarter.
Fears of a further slowdown hurting fuel demand grew after data on Friday showed US inflation still outpacing the central banks 2% target and stoked expectations it would hike interest rates again.
Source: Qatar News Agency