Oil prices ease on fears of weaker demand

Oil prices fell on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies amid OPEC+ cuts.

Brent crude futures were last down 0.4%, or 27 cents, to $75.14 a barrel by 0630 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.36 a barrel, down 0.4% or 28 cents, after closing 1.1% higher in the previous session.