SINGAPORE (Reuters) – Oil fell for a fifth day in a row on demand jitters on Thursday, stocks were subdued in Asia, and the dollar hovered near one-year lows as Federal Reserve minutes signalled that US interest rate cuts are set to begin in a few weeks' time.

The minutes validated bets on a rate cut next month and said the “vast majority” of policymakers felt that if data came in as expected, a September cut was likely to be appropriate.

Oil prices fell, however, and at $75.97 a barrel, Brent futures were near the year's low, having lost nearly 6% in August so far as China's demand outlook weakens and looming rate cuts signal an expectation of a US slowdown.

Stocks, after a phenomenal rebound from early-month lows, were also kept in check, with US and European futures down about 0.1%, and MSCI's broadest index of Asia-Pacific shares outside Japan mostly flat.