Prices of oil futures declined over 2% on Monday after Federal Reserve Bank of Richmond President Thomas Barkin said that more is still needed to prove that inflation in the United States is on a consistent way down.
The remark could have caused even more anxiety among traders who fear monetary tightening by the central bank could tip the world's strongest economy into a recession.
West Texas Intermediate (WTI) for settlements in May decreased by 2.12% to $80.77 per barrel at 2:11 pm ET. Brent for deliveries in June was down 1.96% to $84.64 per barrel a minute later.
