After Joe Biden announced that he would not run for a second term as president of the United States and as investors looked for new signs that American interest rates could be cut as early as September, oil prices fell on Monday.

Brent crude oil futures fell 45 cents, or 0.5%, to $82.18 per barrel at 12:22 GMT. West Texas Intermediate U.S. crude oil futures fell 51 cents to $79.62. Brent has remained relatively stable over the past month, ranging between $82 and $88 per barrel. The US Federal Reserve is due to review its monetary policy on July 30 and 31, at which point investors expect it to maintain rates, although there were signs of a possible fall in September