Oil prices settle down 4% on jitters ahead of US Fed meeting

BENGALURU, June 12 (Reuters) – Oil prices fell by around $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week.

Brent crude futures fell $2.95, or 3.9%, to settle at $71.84 a barrel, their lowest since Dec. 2021. West Texas Intermediate crude fell $3.05, or 4.4%, to settle at $67.12 a barrel.

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