Oil prices declined on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.

Brent crude futures dipped 41 cents, or 0.5%, to $80.66 a barrel. US West Texas Intermediate (WTI) crude was at $76.70 a barrel, down 37 cents, or 0.5%.

The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts.

Source: Qatar News Agency