Brent crude slipped by 26 cents to $103.55 a barrel, while US crude dropped by 22 cents to $94.28 a barrel, reported Reuters.
On Tuesday, the US Federal Reserve will begin a two-day meeting to decide on whether it will withdraw from its existing buying of $85bn of debt a month.
In Europe, confidence in the eurozone‘s economy declined further in April, which strengthened the European Central Bank’s (ECB) case for a cut in interest rates this week.
The eurozone is currently passing through a tough road out of recession and has seen fading confidence among companies and consumers since March, after turmoil in Cyprus and Italy disrupted a positive start to the year.
Investors are now expected to keep a close watch on this week’s data from China, which may show manufacturing activity expanded in April at its fastest pace for 12 months.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Earlier, a survey conducted by HSBC showed that activity in China’s industrial sector dropped in April as new export orders contracted.
Image: The US Federal Reserve will meet to discuss whether to scale back from its existing purchasing of $85bn of debt a month. Photo courtesy of AgnosticPreachersKid.