Oil prices fell on Monday, giving up earlier gains, as global producers will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility.
Brent crude futures fell 74 cents, or 0.8%, to $85.92 a barrel by 0710 GMT while U.S. West Texas Intermediate crude was at $79.07 a barrel, down 61 cents, or 0.8%.
Oil prices "are likely being weighed down by potential interest rate hikes in the upcoming Fed meeting," said Serena Huang, head of APAC analysis at Vortexa, in an email. "No change to the OPEC+ output is expected to be announced at this week's meeting and we expect outlook commentary from the U.S. Fed to be the key driver of the outlook in the near term," said National Australia Bank analysts in a research note.in oil producer Iran.
The country resumes business this week after its Lunar New Year holidays. The number of passengers travelling prior to the holidays rose above levels in the past two years but is still below 2019, Citi analysts said in a note, citing data from the Ministry of Transport.
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