Oil prices fell in early trading, today, Tuesday, to reduce strong gains during the previous two sessions, in light of the market’s caution before the announcement of US inflation data for the month of April, which will play a role in the Federal Reserve (US Central Bank)’s next decision regarding interest rates.
Brent crude fell 31 cents, or 0.4 %, to $76.70, and West Texas Intermediate crude fell 23 cents, or 0.3 %, to $72.92.
Markets are awaiting the US consumer price inflation figures for April due on Wednesday in anticipation of any indication of the next interest rate decision.
Although oil markets fell a lot last week, prices rose on Friday and Monday as fears of a recession in the United States, the world’s largest oil consumer, subsided.
Some dealers saw that crude oil’s decline to its lowest level in three weeks due to demand concerns was exaggerated.
A round of voluntary cuts will start this month, announced by some members of the OPEC + alliance, which will hold its next meeting on June 4.
Source: National Iraqi News Agency