Crude Oil prices Slip, Taking a Breather From Massive Surge

Crude Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations the U.S. Federal Reserve’s interest rate hike may be less than thought.

Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery fell 65 cents to $101.95 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.

The August WTI contract expires on Wednesday and the more actively traded September future was at $98.79 a barrel, down 63 cents.

Both benchmarks recorded weekly declines of more than 5% last week.

Crude Oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies have disrupted trade flows to refiners and end-users and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut future fuel demand.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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