The price of oil fell, today, Tuesday, Thus continues his losses, which in the previous session amounted to about 2%. A stronger dollar and a rise in coronavirus infections in China have raised concerns about a slowdown in global demand.
At 11:16 GMT, Brent crude futures fell $ 1.95, or 2.07%, to $ 94.2 a barrel, after falling $ 1.73 in the previous session.
The price of US West Texas Intermediate crude oil reached $ 90.20 a barrel, down 1.97 cents, or 2.16%, after falling $ 1.51 in the previous session, according to “Reuters”.
The dollar rose on Tuesday amid concerns over rising interest rates and geopolitical tensions agitating investors.
A strong dollar reduces the demand for oil because it makes it more expensive for buyers using other currencies.
Federal Reserve Vice President Lail Brainard said on Monday that interest rate hikes so far have begun to slow the economy, but the full burden of tightening monetary policy will not be clear for months.
Cases of “Covid-19” in China, the second largest consumer of oil in the world, have risen to their highest levels since August.
And the OPEC + alliance decided last week to cut target oil production by two million barrels a day, which has increased fears of a contraction in oil supplies.
EU sanctions on Russian crude oil and petroleum products will go into effect in December and February respectively, while last week the blockade gave its final approval to a new round of sanctions against Russia, including a cap on exports. of Russian oil.
