Oil prices fell more than 5% in volatile trading on concerns about demand after the International Monetary Fund cut its forecast for global economic growth.
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US West Texas Intermediate crude contracts fell $5.65
Oil prices fell more than 5% in volatile trading, today, Tuesday, due to concerns about demand after… IMF cut He forecast global economic growth and warned of rising inflation.
The international benchmark Brent crude contracts ended the trading session as low as $5.91, or 5.22%, to record at the settlement of $107.25 a barrel.
US West Texas Intermediate crude contracts fell $5.65, or 5.22%, to settle at $102.56 a barrel.
Prices fell despite a decline in the production of the “OPEC +” group, which produced 1.45 million barrels per day below its target levels last March, with the start of a decline in Russia’s production due to Western sanctions, according to a report from the producers’ alliance.
The report showed that Russia produced about 300,000 barrels per day below the target level last March, as it produced 10.018 million barrels per day, according to secondary sources.
The “OPEC +” group, which includes OPEC and allies led by Russia, agreed last month to increase monthly oil production by 432,000 barrels per day for the month of May, resisting pressure from major consumers to pump more crude.