Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.
West Texas Intermediate fell below $94 a barrel after capping a third weekly decline on Friday, the longest streak of losses this year. The Federal Reserve is expected to approve another big interest-rate hike this week as the US central bank combats surging inflation, piling pressure on demand.
“While prices have been volatile, I expect renewed downward pressure on crude,” said Vandana Hari, founder of Vanda Insights. The Fed meeting “will likely serve as a fresh reminder of the economic headwinds.”
