Crude oil prices were lower Monday morning after falling more than 5 percent last week.
U.S. Crude oil for September was down 50 cents at 47.62 a barrel amid speculation that Iran oil will come to market during a global supply glut.
In the meantime, U.S. supplies are also expected to rise.
The Federal Reserve headlines the economic events of the unfolding week, as traders expect policy makers to at least drop a hint at whether there would be a rate hike within the end of the year.
The material has been provided by InstaForex Company – www.instaforex.com