Oil prices are slightly reduced during trading on Tuesday, investors assess the risks of a global recession and monitor the dollar.
December futures for Brent on London’s ICE Futures exchange fell by $0.02 (0.02%) to $91.6 per barrel by 14:06 CST.
Quotes of WTI futures for November in electronic trading on the New York Mercantile Exchange (NYMEX) by the specified time decreased by $0.09 (0.11%) to $85.37 per barrel.
Bidding on the eve of both brands completed without significant changes.
Strong growth in US stocks and a weakened dollar on Monday failed to provoke an increase in oil prices, said Warren Patterson, head of commodity strategy at ING.
“Instead, the market appears to be wary of a decline in demand. Chinese President Xi Jinping has made it clear that China will continue to pursue a ‘zero tolerance’ policy for the coronavirus, which increases uncertainty about China’s oil demand until the end of 2023,” he wrote. Patterson.
During the morning session on Tuesday, oil rose in price moderately, but then turned to decline due to the renewed strengthening of the dollar – an index that tracks the dynamics of the US dollar against six major world currencies, by 14:06 CSK rises by about 0.3%.
Also, downward pressure on oil prices is exerted by concerns about the tightening of the monetary policy of many major central banks of the world, aimed at curbing inflation, writes Trading Economics.
