TOKYO : 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.
U.S. West Texas Intermediate crude futures for September delivery fell 65 cents, or 0.7 per cent, to $94.05 a barrel, also down for a fourth day. 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.
On the supply side, Libya's National Oil Corporation aims to bring back production to 1.2 million barrels per day in two weeks, NOC said in a statement early on Saturday.
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