Oil prices were mixed on Monday as investors weighed expectations that OPEC would cut production to support prices once morest concerns raised by US Federal Reserve Chairman Jerome Powell that the United States would face slow growth for some time.
US West Texas Intermediate crude futures rose two years to $93.08 a barrel at 0003 GMT, adding to Friday’s gains.
Brent crude futures fell 27 cents, or 0.3 percent, to $100.72 a barrel, paring the gains they made in the previous session.
In a speech on Friday, Powell said curbing inflation would likely require a sustained period of lower-than-normal growth… and would cause some pain to households and businesses, upsetting stock markets as the dollar strengthened.
The dollar index continued to rise on Monday to 109.16, up 0.3 percent in early trading. The strength of the dollar affects oil, making it more expensive for buyers who deal in other currencies.
