Crude oil remains on a weak footing as investors continue to unload risk assets in anticipation of an interest rate hike by the U.S. Federal Reserve this week.
Jittery about global oversupply and an imminent U.S. rate hike, hedge funds and others sold oil futures in New York on Monday, with West Texas Intermediate briefly dropping to $34.53 per barrel. The U.S. benchmark fell below $35 for the first time in nearly seven years.
