LONDON—Oil prices fell $2 on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market.
Brent crude futures fell $1.91, or 2.5 percent, to $72.88 a barrel by 0902 GMT. U.S. West Texas Intermediate (WTI) crude was at $68.15, down $2.02 or 2.8 percent.
Both benchmarks posted their second straight weekly declines last week as disappointing Chinese economic data raised concerns about demand growth in the world’s largest crude importer, offsetting a boost in prices from Saudi Arabia pledging to cut production by 1 million barrels per day (bpd) in July….