Baghdad , Oil prices fell slightly in early trading on Tuesday, ending a five-day winning streak as markets refocused on demand concerns after the Organization of the Petroleum Exporting Countries (OPEC) lowered its 2024 demand growth forecast on Monday due to weak expectations in China.
Brent crude futures fell 41 cents, or 0.5 %, to $81.89 a barrel, while US West Texas Intermediate (WTI) crude futures lost 43 cents, or 0.5 %, to $79.63.
Brent crude rose more than 3 % on Monday, while US crude futures rose more than 4 %.
Markets are awaiting the US Consumer Price Index report tomorrow, Wednesday, which will provide a crucial reading on inflation, and investors are now concerned that pessimistic data could raise fears of an economic slowdown. “A low interest rate environment contributes to increased economic activity, which in turn increases the consumption of energy sources such as oil.”
Source: National Iraqi News Agency