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Oil drops one percent as economic growth concerns offset OPEC+ cuts

BDoilpipes

Prices of Murban crude on the global market have climbed to highs last seen in October last year, setting up Kenyans for a rise in the cost of fuel.

Photo credit: Pool

By  REUTERS

Oil prices dropped by a dollar a barrel on Monday after weak economic data from China and expectations of another US interest rate hike outweighed support from OPEC+ supply cuts that take effect this month.

Brent crude fell $1.02, or 1.3 percent, to settle at $78.45 a barrel, while US West Texas Intermediate (WTI) crude slid $1.12, or 1.5 percent, to settle at $75.66.

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