Oil prices slumped on Monday, gearing away from a previously achieved gains weighed by the slew of interest rate hikes from the central banks sides and the indications of solid exports in Russia.

Projections hover around possibilities of ratee hikes from Fed's side at 25 bps and for other central banks, 1/2 bps hikes from BOE and ECB.

Brent crude slipped 0.3% at $86.37 per barrel while U.S. West Texas Intermediate crude dipped 0.7% at $79.16 per barrel.

Markets are trying to grasp the unexpected signs of advanced supply in Russia amid the EU sanctions and the G7's price ceiling that was specifically set to limit Moscow's capabilities in funding their war against Ukraine.

Focus is also squared on OPEC+ next meeting where it is expected that the output policy will not see much change, with some few predicting that we may witness a slight trim in the output.