News Oil Updates – crude extends fall on signs of weak fuel demand, strong dollar

SINGAPORE: Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from US Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world’s biggest economy, according to Reuters.

Brent crude futures slid 25 cents, or 0.3 percent, to $82.54 a barrel by 8:05 a.m. Saudi time, while US West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2 percent.

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