Oil fell in price at the beginning of the week, breaking a streak of growth for three consecutive weeks amid fears of further interest rate hikes in the US, which could curb demand, and supply cuts by OPEC+ producers, writes Reuters.

Brent fell 96 cents, or 0.2%, to $84.58 a barrel, while West Texas Intermediate crude also fell 94 cents, or 0.1%, to $79.74. Both benchmarks were down more than $1 at the start of the session.

Experts expect oil trading this week to be heavily influenced by U.S. inflation data presented by the consumer price index on Wednesday and the producer price index on Thursday, which are likely to revive expectations of an interest rate hike, which will strengthen the dollar.

The dollar rose after U.S. jobs data showed a shortage of workers in the labor market, reinforcing expectations of another monetary tightening by the Federal Reserve. A stronger dollar makes oil more expensive for holders of other currencies and could impact demand.

Oil was supported last week by news from OPEC+, which surprised the market with a new round of production cuts from May, and a sharper-than-expected drop in US crude stocks last week, as well as lower gasoline and distillate inventories, which hinted at increased demand.

Earlier, we reported that U.S. dollar bond yields rose after labor statistics.