Ammon News - Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp energy use in the world's biggest economy.

Brent crude futures slid 7 cents, or 0.1%, to $82.72 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures were at $78.21 a barrel, down 5 cents.

Both benchmarks settled about $1 lower on Friday as Fed officials debated whether U.S. interest rates are high enough to bring inflation back to 2%, offsetting gains earlier last week over concerns of supply disruptions from the Israel-Gaza conflict.

Analysts expect the U.S. central bank to keep its policy rate at the current level for longer, supporting the dollar. A stronger greenback makes dollar-denominated oil more expensive for investors holding other currencies.

Reuters