Oil prices drop slightly in anticipation of world's major central banks' meetings

World oil prices fell slightly on Monday morning after four weeks of growth. Now the markets are assessing the impact of the meetings of the world's major central banks on the oil market, Report informs.

The price of October futures for Brent crude fell by 0.2% to $80.72 per barrel, and September futures for WTI dropped by 0.21% to $76.91.

As a result of last week, Brent oil rose in price by 1.5%, and WTI went up by 2.2%, which was the fourth consecutive week of growth in quotations. During this time, oil rose in price by 9.8% and 11.4%, respectively.

This week, the markets will follow the meetings of the world's major central banks, which may once again raise their rates. Thus, analysts believe that the US Federal Reserve System (Fed) on Wednesday will raise the rate by 25 basis points from the current level of 5-5.25% per annum.

Traditionally, monetary tightening strengthens the value of a national currency, making commodities less available to buy in other currencies.