Oil falls on concerns economic slowdown may dent fuel demand

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(VOVWORLD) - Oil prices fell on Monday, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Oil falls on concerns economic slowdown may dent fuel demand - ảnh 1Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. (Photo: REUTERS)

Brent crude futures for October settlement declined to 95.55 USD a barrel by with concerns over slowing demand in China because of a power crunch in some areas also weighing on prices. 

US West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, was down at 89.65 USD a barrel. Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5% for the week on a stronger dollar and demand fears. 

China's Sichuan began limiting electricity supply to homes, offices and malls last week because of a severe power crunch driven by extreme heat waves and drought. 

Strength in the US dollar, which was hovering at around a five-week high, also weighed on crude prices because it makes oil more expensive for buyers in other currencies.