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Oil pares losses on continued demand concerns
Oil prices fell on Monday, amid concerns about global demand, especially the Chinese demand.
As for Evergrande, the world's most indebted real estate developer, doubts about the Chinese company's ability to meet its obligations have raised concerns about the integrity of the Chinese real estate and credit markets.
The People's Bank of China has injected about 90 billion Chinese yuan ($14 billion), in attempts to ease global markets' concerns about the world's second largest economy.
The dollar index rose against a basket of major currencies by 0.1% to 93.2 points as of 16:24 GMT, after hitting a high of 93.4 points and a low of 93.1 points.
As of 16:18 GMT, WTI crude October futures fell 2% or $1.47, to $70.50 a barrel.
Brent November futures fell 1.7% to $74.08 a barrel.
US stocks open lower, Nasdaq falls below 15,000
The Fed will convene tomorrow to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data.
MoreBrent drops 2.5% on concerns over Chinese economy
Brent continued to fall as the US market opened on Monday, dropping around 2.5% while deepening losses for the third day and hit a 1-week low on fears over the Chinese economy.
MoreDollar hits 4-week high with focus on Fed meeting
The US dollar rose against its peers on Monday, and hit a 4-week high thanks to high demand amid growing concerns over the Chinese economy following the debt crisis of the company Evergrande, ahead of the US Federal Reserve's meeting this week.
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