Oil prices slide amid concerns about global economy, rate hikes

Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on Opec+ supply cuts.

Brent crude slipped 48 US cents, or 0.6 per cent, to US$81.18 a barrel by 8.45am, while US benchmark West Texas Intermediate crude was at US$77.39 a barrel, down 48 US cents, also 0.6 per cent lower.

Both contracts fell more than 5 per cent last week, their first weekly drop in five weeks, as US implied petrol demand fell from a year ago, fuelling worries of a recession at the world's top oil consumer.

Weak US economic data and disappointing corporate earnings from the technology sector sparked growth concerns and risk aversion among investors, CMC Markets analyst Tina Teng said.