singapore july 24 reuters  oil prices eased on monday as traders await more rate hike cues from us and european central banks with tightening supply and hopes for chinese stimulus underpinning brent at 80 a barrel brent crude futures dipped 41 cents or 05 to 8066 a barrel by 0045 gmt us west texas intermediate crude was at 7670 a barrel down 37 cents or 05 the benchmarks rose 15 and 22 respectively last week their fourth straight of week of gain as supply is expected to tighten following opec cuts fighting also escalated last week in ukraine after russia withdrew from a unbrokered safe sea corridor agreement for grains exports while another fed rate hike this week may drive some shortterm price volatility we expect tightening market conditions on opecs supply cuts and increasing market speculation of further stimulus in china to continue to push prices higher through 3q23 analysts from national australian bank said in a note investors have priced in quarterpoint hikes from the federal reserve and european central bank this week so the focus will be on what fed chair jerome powell and ecb president christine lagarde say about future rate hikes rising interest rates have dampened investments and strengthened the greenback making dollardenominated commodities more expensive for holders of other currencies market participants also expect beijing to implement targeted stimulus measures to support its flagging economy likely boosting oil demand in the worlds no 2 consumer on supply united arab emirates energy minister suhail almazrouei said on friday that actions by opec to support the oil market are sufficient for now and the group is only a phone call away if any further steps are needed last week us energy firms made their deepest oil rig cut since early june with operating units down by seven to 530 energy services firm baker hughes said on friday