Oil falls 2% on concerns economic slowdown may dent fuel demand

HOUSTON: Oil prices fell 2 percent in volatile trading on Monday, ending a three-day streak of gains, on fears that aggressive US interest rate hikes may lead to a global economic slowdown and dent fuel demand.

Brent crude futures for October settlement fell $2.33, or 2.3 percent, to $94.39 a barrel by 11:35 a.m. ET (1535 GMT).

US West Texas Intermediate crude for September delivery — due to expire on Monday — was down $2.14, or 2.4 percent, at $88.63. The more active October contract was down $2.10, or 2.2 percent, at $88.34.