Oil prices fall, relief from huge surge

Last Update: 19 July 2022, 08:59 IST

Oil prices declined on Tuesday, giving respite after a bounce in the previous session.

Oil prices declined on Tuesday, giving respite after a bounce in the previous session.

Oil prices tumbled on Tuesday after rising more than $5 a barrel in the previous session.

Oil prices fell on Tuesday, respite after rising more than $5 a barrel in the previous session, as a falling dollar supported buying interest and on expectations the US Federal Reserve’s interest rate hike could be lower than expected. Is.

Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 GMT. The contract rose 5.1 percent on Monday, the biggest percentage gain since April 12.

WTI crude futures for delivery in August fell 65 cents to $101.95 a barrel. The contract climbed 5.1 per cent on Monday and posted the biggest percentage gain since May 11.

The August WTI contract expiring on Wednesday and the more actively traded September future was down 63 cents at $98.79 a barrel.

Both the benchmarks posted a weekly decline of over 5% last week.

Oil prices have been cautioned amid concerns about supply as Western sanctions on Russian crude and fuel supplies have disrupted trade flows for refiners and end-users and rising concerns that there is a need to overcome rising inflation. The central bank’s efforts may trigger a recession that will cut fuel demand in the future.

Two US Federal Reserve officials indicated last week that the central bank would raise interest rates by only 75 basis points at its July 26-27 meeting.

Lower hikes could mean less of an economic crisis that would reduce fuel demand.

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