Oil drops as US rate hike concern, weak China data offset OPEC+ cuts

Oil prices drop as US rate hike fears, weak China data offset supply cuts

, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders.

"The prospect of further rate hikes to be announced by the Fed this week is expected to drive an increase in near-term price volatility," said Baden Moore, head of commodity and carbon strategy at National Australia Bank .

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