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.
Brent crude futures for October settlement declined $1.17, or 1.2%, to $95.55 a barrel by 0054 GMT, with concerns over slowing demand in China because of a power crunch in some areas also weighing on prices.
"Investors were worried that a possible steep rate hike by the Fed would cause an economic slowdown and sap fuel demand," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
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