Why did oil prices drop 1% on Monday?

REUTERS/Drone Base/File Photo HOUSTON, Aug 7 (Reuters) - Oil prices settled down 1% on Monday, after six straight weekly gains, as investors braced for weaker demand from China and the United States, the world's two biggest economies. Brent crude settled 90 cents, or 1.04% lower, at $85.34 a barrel.

How much will global oil demand rise this year?

The IEA reiterated its previous forecast that global oil demand will rise by an average of 2.2 million barrels per day this year to a record 102.2 million barrels per day. Rising oil prices have caused a recent jump in US gasoline prices, which hit an average of $3.84 a gallon Friday.

How much does petrol cost a litre?

Petrol prices reached 135.3p a litre, while the average cost of diesel now stands at 136.9p. The price of oil is directly linked to the cost of wholesale fuel, as crude is used in the production of petrol and diesel. Simon Williams, RAC fuel spokesman, said the picture was "pretty bleak" for drivers.

How much will oil cost in the second half?

Oil prices will not average more than $80 per barrel in the second half of this year, despite the most recent production cut announced by Saudi Arabia, the U.S. Energy… Starting today, U.S. oil will be part of the Brent crude basket that underlies the world's most traded benchmark contract. It will be the first non-European grade included in the…