Today, Tuesday, oil prices witnessed a slight increase, after a significant decline that hit them during yesterday’s session, leaving losses of 2%.
Brent crude futures rose 0.74% to $86.06 a barrel, while US crude futures rose 0.59% to $83.8.
Oil prices were hit yesterday by investor fears about the possibility of faster-than-expected interest rate hikes from the US Federal Reserve, which pushed the risky asset markets lower while the dollar rose.
And yesterday, Brent crude contracts ended the trading session as low as 1.62 dollars, or 1.84%, to record at a settlement of 86.27 dollars a barrel. US West Texas Intermediate crude contracts fell by $1.83, or 2.2%, to settle at $83.31 a barrel.
Both benchmarks recorded last week, the fifth consecutive week of gains, with a rise of about 2% to reach their highest level since October 2014.
Oil prices are still more than 10% higher than their level at the beginning of this year, supported by concerns about tight supplies, while the OPEC + group finds it difficult to achieve a targeted monthly production increase of 400,000 barrels per day.