Oil is falling amid concerns about demand

Oil prices fell on Tuesday amid fears that further potential interest rate hikes in the US would lower demand, outweighing concerns that a tropical storm off the US Gulf Coast could affect supplies.

And by 0640 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ 84.23 a barrel, while US West Texas Intermediate crude fell 24 cents, or 0.3 percent, to $ 79.86.

Investors are looking forward to important data from the US economy later this week that will help determine the course of interest rates this year and next.

Federal Reserve Chairman Jerome Powell said on Friday that the bank may have to raise interest rates further to calm inflation.

Meanwhile, Adalia slammed into western Cuba on Monday and turned into a hurricane as it headed toward Florida. The storm is likely to cause power outages and may affect crude oil production on the eastern side of the US Gulf Coast.

The focus this week will be the US PCE price index due for release on Thursday and the August non-farm payroll data on Friday.

Investors are still concerned about the economic recovery in China, as well as about the demand for oil in the second largest consumer in the world.