Oil prices settled lower on Monday, after rising for three straight weeks, as concern about further interest rate hikes that could curb demand balanced the prospect of a tighter market due to supply cuts from OPEC+ producers.
The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand.
Brent crude settled down 96 cents, or 0.2%, at $84.58 a barrel while U.S. West Texas Intermediate also fell 94, or 0.1%, to $79.74. Both benchmarks fell by more than $1 earlier in the session