Oil is approaching its third monthly drop, the longest decline in more than two years, amid fears of a slowdown in global growth due to Fed policies, as well as China’s fight against COVID-19. It is reported by Bloomberg.

In August, WTI oil fell by more than 6%, reaching its lowest level since January in the middle of the month. In the US, the Fed is aggressively raising interest rates to fight inflation, while Europe is gripped by an energy crisis.

Traders are also keeping an eye on the unrest in Libya and Iraq. In addition, negotiations have dragged on to restart the Iranian nuclear deal, which could lead to an increase in crude oil exports.