On Monday, oil prices declined as worries about rising interest rates, the state of the world economy, and the forecast for fuel demand overcame those about possible supply shortages.

Brent crude dropped 1.1% to $82.52 per barrel while US West Texas Intermediate crude dipped 1.1% at $78.70.

As U.S. indicated gasoline demand decreased from a year ago, both contracts experienced their first weekly drops in five weeks last week, falling more than 5%.

Central banks gather in the first week of May, they are all anticipated to hike interest rates in an effort to combat persistently high inflation.

Even though China, the world's top crude importer, brought in record levels of crude in March, the country's rocky economic recovery from the COVID-19 pandemic is clouding the future for oil demand. Leading suppliers Saudi Arabia and Russia supplied China with more than two million barrels per day (bpd) of imports apiece.