Oil drops as concerns over slowdown offset tight crude market

Crude prices slide in early trading this week as projections of economic downturn counter indications of short supply on the world market.

Photo: Todd Korol/REUTERS / X00147

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 USD 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.

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