Oil prices fall amid traders' concerns about demand

World oil prices fell slightly on Tuesday morning after a substantial rise a day earlier; traders continue to assess the prospects for demand, paying attention to supply forecasts.

The price of Brent crude September futures fell by 0.4% to $105.85 per barrel, and WTI September futures dropped by 0.42% to $99. On Monday, the oil prices rose by 5% and 5.5%, respectively.

The cost of oil fell on fears around demand due to economic risks, and also as part of a correction after rising earlier. At the same time, investors are also evaluating the prospects for supplies against the backdrop of the OPEC + deal and the situation in Libya.

Fears regarding the economy remain against high inflation and measures by the world central banks to curb price growth. Central banks are inclined to raise key rates, which increases fears about a possible recession in the world, and this is negative for oil demand expectations.

Earlier media reported that Saudi ministers insist that decisions on oil policy will be made in accordance with market conditions and within the framework of OPEC+. Prior to this, the United States expressed the opinion that the OPEC countries have the opportunity to increase oil production.

At the same time, Libya plans to bring oil production to a level that was before the blockade of fields by protesters.





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