Baghdad Oil prices fell at the beginning of trading today, Tuesday, to continue its losses by about (2%) in the previous session yesterday, Monday, due to the rise in the dollar and the increasing cases of Corona virus infection in China, which raised fears of a slowdown in global demand.
Brent crude futures fell by 15 cents, or 0.16%, to record (96.04) dollars a barrel, and it had fallen yesterday (1.73) dollars.
The US West Texas Intermediate crude also declined by (27) cents, or (0.30%), to record (90.86) dollars a barrel, after losing (1.51) dollars in yesterday’s session.
It is noteworthy that the dollar rose on Tuesday, with concerns about higher interest rates, and the strong dollar is reducing demand for oil, by making it more expensive for buyers who use other currencies.
Experts expected the US Federal Reserve to raise the interest rate by (75) points, during its meeting next month.
As for China, the second largest consumer of oil in the world, Corona’s infections have risen to their highest levels since last August, which leads to restrictions and reduced demand.
Source: National Iraqi News Agency