Falling demand for oil in light of the weakening Chinese economy and the possibility of increasing interest rates from the US Federal Reserve, left oil prices down on Monday, despite supply cuts from OPEC+ taking effect this month. The Fed is widely anticipated to raise interest rates by 25 basis points to 1.75%. Currency holders also suffered as the US dollar climbed. Brent crude dropped by 1.8% to $78.86 per barrel while US West Texas Intermediate crude slid 1.9% to $75.29 per barrel.