Oil prices fell on Monday, with Brent crude futures dropping $1.75, or 2%, to $84.56 per barrel. West Texas Intermediate crude decreased by $1.83, or 2.2%, to $80.69 per barrel. The dollar rose by approximately 0.6% amid interest rates. Traders are betting that the Federal Reserve will raise the lending rate by another quarter percentage point in May, while postponing expectations for a rate cut until late this year, which typically occurs in cases of economic slowdown.
The release of China's GDP data for the first quarter this week is expected to have a positive impact on commodity prices, and the International Energy Agency anticipates that most of the demand growth for oil in 2023 will come from China.
