For the lowest level in a month… Oil prices fall

Crude oil prices continued to register notable losses for the second consecutive day, Tuesday; Amid growing concerns about slowing economic growth.

Central banks continue to tighten monetary policy, especially with the US Federal Reserve likely to raise interest rates by 25 basis points by tomorrow’s monetary policy meeting, which will weaken demand for oil in markets.

The decline is also due to steady Russian oil exports, although they rose last April; Sources have confirmed that loading oil from Russian western ports in April 2023 will be the highest since 2019. Moscow also increased fuel supplies to Turkey, Asia, Africa, the Middle East and Latin America.

In today’s trading, instant Brent crude contracts fell 0.59% to $78.84 per barrel, while immediate U.S. West Texas crude contracts fell 0.78% and recorded about $75.16 per barrel.

Futures prices fell by about $2, with Brent crude registering $ 76.62 per barrel and light US crude $ 72.92 per barrel.