Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors' risk appetite.
Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday.
U.S. West Texas Intermediate crude futures were at $80.34 a barrel, down 39 cents, or 0.5%.
In Ecuador, state oil company Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains, sources said on Friday.
In the U.S., operating oil rigs fell three to 485 last week, their lowest since January 2022, Baker Hughes said in its report on Friday.
Persons:
Brent, Tony Sycamore, Petroecuador, Baker Hughes
Organizations:
Midland, . West Texas, U.S, PMI, IG, greenback, ANZ
Locations:
Odessa, Texas, Sydney, U.S, Gaza, Ecuador