Sharjah24 - Reuters: Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.
Brent crude futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day.
U.S. West Texas Intermediate (WTI) crude futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a fourth day.
"The market tone is likely to remain bearish amid worries that interest rate hikes would slash global fuel demand and that the resumption of some Libyan crude oil output would ease tightness in global supply," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil futures have been volatile in recent weeks as traders try to reconcile the possibilities of further interest rate hikes that could limit economic activity, and thus cut fuel demand growth, against tight supply from the disruptions in the trading of Russian barrels because of the Western sanctions amid the Ukraine conflict.
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