Oil Weakens in Early Session After Strong Rally In Last Week

Crude oil prices corrected lower back in early Asian trading on Monday. Reversing gains last week as investors weigh global demand.

On the New York Mercantile Exchange, crude oil for October contract fell by 1.75%, to $ 44.42 / barrel at 8:36 pm.

This week, investors will focus on the US employment report for August will be released on Friday, which could help clarify the instructions on the likelihood of a rate hike in the near future.

The market will also see the results of the survey in the manufacturing sector and the service sector, factory orders and trade data from the country with the largest economy in the world for the latest indication at the time of interest rate hikes.

Comments from Fed vice chairman Stanley Fischer on Friday showed that there is still the possibility for a rate hike at the Fed's upcoming meeting that will take place on 16 to 17 September.

Fischer said that a possible rate hike in September "strong enough", although it is too early to say that the central bank will probably do it.

Time of rising interest rates has been a consistent source of debate in the market in recent months.