Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam.

China's central bank will step up credit support for the real economy while keeping the yuan basically steady, Governor Yi Gang said in comments published on Sunday, reaffirming the bank's existing policy objectives.

Goldman Sachs Group Inc (NYSE:GS)'s economists said the U.S. Federal Reserve could bump up interest rates to as high as 5% by March 2023, 25 basis points above its earlier predictions, Bloomberg News reported on Sunday.

U.S. labor costs increased solidly in the third quarter, but private sector wage growth slowed considerably, suggesting inflation had either peaked or was close doing so.

U.S. consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by another three-quarters of a percentage point next week.

Japanese industrial production slowed more than expected in September, data showed on Monday, as heightened raw material costs and a slowdown in major automobile production weighed on overall output.