Oil plunged on Monday continuing substantial losses from the previous session as markets uncertainty persisted regarding demand, particularly in light of the expected prolonged increase in U.S. interest rates.

US crude futures dipped 0.1% at $76.42 per barrel while brent crude slipped 0.1% to $80.68 per barrel.

Attention this week will be directed towards several crucial economic indicators, along with additional signals from the Federal Reserve regarding the trajectory of interest rates.

Worries about weakened demand, particularly following hawkish indications from the Fed, significantly impacted crude prices last week. This led to a decline of around 3% on Friday, completely erasing all gains for the week.

Demand concerns largely outweighed signs of continued geopolitical instability in the Middle East, which had offered oil some support earlier in 2024 as markets feared potential supply disruptions.

This week, inflation figures from several significant economies are expected, including Japan, Australia, the eurozone, and the United States.