TE24 Bangladesh Desk:
Oil prices on Tuesday fell after a break after rising more than $5 a barrel in the previous session. A fall in the dollar could support buying momentum and a Fed rate hike could be lower than expected.
Brent crude futures, settled for September, were down 69 cents at $105.58 a barrel by 0036 GMT at GMT. The contract rose 5.1% on Monday, the highest rate of increase since April 12. August delivery
WTI crude futures fell 65 cents to $101.95 a barrel. Contracts rose 5.1% on Monday, the highest rate of increase since May 11.
The August WTI contract expired on Wednesday, with more active September futures trading down 63 cents to $98.79 a barrel. The benchmark recorded a weekly decline of over 5% last week. Western sanctions on Russian oil and fuel supplies disrupt trade flows to refiners and end-users, and the central bank’s efforts to control rising inflation could trigger a slowdown that will affect future fuel demand. Due to growing concerns about sexism, oil prices have been torn apart by supply worries.
Two members of the Federal Reserve Board said last week that the central bank may raise interest rates by only 75 basis points at its July 26-27 meeting.
