Oil prices fell today, Monday, after making gains for seven consecutive weeks, supported by tight supplies resulting from the OPEC + group’s production cuts, amid concerns about the slowdown in China’s economic recovery and the impact of the dollar’s rise.
Brent crude futures fell 29 cents, or 0.3 %, to $86.52 a barrel, while US West Texas Intermediate crude fell 24 cents, or 0.3 %, to $82.95 a barrel.
Prices fell while the US dollar index consolidated its gains after a slightly larger increase in US producer prices last July raised Treasury yields, despite expectations that the Federal Reserve (the US central bank) will stop raising interest rates.
Source: National Iraqi News Agency