Oil Prices Fluctuate Amid US Interest Rate Concerns and OPEC+ Cuts

Oil prices dipped 1% due to concerns over potential US interest rate hikes, but losses were limited by supply cuts from Saudi Arabia and Russia. Traders are nervous about higher interest rates impacting demand, while some investors engaged in profit-taking after last week's gains. The OPEC+ group's total output reductions of around 5 million barrels per day, combined with oil demand from China and developing countries, are expected to keep the market tight in the second half of the year despite a sluggish global economy.