Dollar hits 5wk high on hawkish Fed remarks
China39;s Sichuan extends power curbs on heatwave Caixin
China cuts lending benchmarks to revive faltering economy
Western leaders discuss Iran nuclear deal

LONDON, Aug 22 Reuters Oil prices slumped on Monday as investors were concerned that aggressive U.S. interest rate hikes might weaken the global economy and fuel demand while a stronger dollar also weighed.

Brent crude futures for October settlement fell 1.60, or 1.6, to 95.12 a barrel by 0900 GMT.

U.S. West Texas Intermediate WTI crude futures for September delivery, due to expire on Monday, were down 1.56, or 1.7, at 89.21 a barrel.

The more active October contract was at 88.92, down 1.52, or 1.7.

On Friday both Brent and WTI climbed for a third straight day, but fell about 1.5 on the week on a stronger dollar and demand concerns.

Growing fears over a global economic slowdown are behind the fall in oil markets, said Tatsufumi Okoshi, senior economist at Nomura Securities.

A higher U.S. dollar also prompted fresh selling, he said. A stronger dollar makes oil more expensive for buyers in other currencies.

The dollar index rose to a fiveweek high on Monday after Richmond Fed President Thomas Barkin said central bankers were inclined towards faster, frontloaded interest rate increases.

Investors will be paying close attention to comments by Fed Chair Jerome Powell when he addresses an annual global central banking conference in Jackson Hole, Wyoming, on Friday….