Oil drops 3% on demand concerns, Brent below $81

Oil rigs

Oil closed lower today, Feb. 22, amid continued concerns about monetary policy and its repercussions on economic growth. 

Investors expect interest rates to continue to rise in major economies, which threatens to weaken the economy and reduce demand for oil. 

The minutes of the Federal Reserve meeting revealed that the members of the Open Market Committee believe that there is a need to continue raising interest rates to control inflation. 

Meanwhile, Morgan Stanley raised its forecast for global oil demand growth this year by about 36%, supported by the reopening of China's economy and the recovery of the aviation sector. 

Brent crude futures for April delivery fell 3%, or $2.45, to settle at $80.60 a barrel. 

WTI crude for April delivery slumped 3.2%, or $2.41, to $73.95 a barrel.