Crude oil futures ended lower on Monday on account of worries about outlook for energy demand. Oil prices also fell as the dollar moved higher against most of its major rivals amid rising bets over interest rate hikes by the Federal Reserve, after another Fed official flagged the likelihood of continued aggressive monetary tightening. Richmond Fed President Thomas Barkin said central bankers were inclined towards faster, front-loaded interest rate increases, even if that meant risking a US economic recession.
Benchmark crude oil futures for September delivery fell $0.54 or about 0.6 percent to settle at $90.23 a barrel on the New York Mercantile Exchange. Brent crude for October delivery drooped $0.24 or 0.3 percent to settle at $96.48 a barrel on London's Intercontinental Exchange.