Both benchmarks closed at their lowest levels since March 24 in the previous session, during which they also recorded the largest one-day percentage decline since early January this year.
The US Federal Reserve is expected to raise interest rates by 25 basis points on Wednesday to rein in inflation, and the European Central Bank is also expected to raise rates at its regular meeting on Thursday.
Further rate hikes could slow economic growth and undermine energy demand.
The dollar index, which measures the US currency against six competing currencies, fell 0.22% to 101.73 points.
Energy prices are also under pressure after Chinese data over the weekend showed an unexpected drop in manufacturing activity in April.
price movements
Brent crude futures fell 4 cents, or 0.04%, to $75.28 a barrel at 0530 GMT, while Nymex crude fell 10 cents, or 0.1%, to 71, $56 a barrel.
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