Oil futures prices fell during trading on Tuesday, after fears of falling demand as a result of the closure measures in China to combat the emerging Corona virus, outweighed fears of supply disruptions due to the Russian war against Ukraine.
West Texas crude, the US oil benchmark, was trading at around $102 a barrel today, in a trading session that was characterized by a lack of cash available.
And the Bloomberg news agency indicated that crude oil prices fluctuated during the past three weeks in the range of $ 15 a barrel, as markets evaluate fears of a decline in demand due to measures to combat the Corona virus in China, the largest importer of crude oil in the world, and fears of supply disruptions due to the Russian war.
Investors are also awaiting the approval of the US Federal Reserve (Central Bank) during its periodic meeting, which begins tomorrow and lasts for two days, for the largest increase in the US interest rate since 2000, which could reduce the demand for crude.
The price of West Texas Intermediate crude fell today by $2.76 to $102.41 a barrel in the New York Mercantile Exchange.
Brent crude, the global oil benchmark, fell by $2.61 to $104.97 a barrel in trading on the London Stock Exchange.