Oil prices declined during trading today, Tuesday, in light of the escalation of the Corona virus crisis and its damage to demand, but crude reduced its losses later, amid the decline of the dollar against most major currencies and the anticipation of US inventory data.
A technical committee consisting of "OPEC" and its independent allies, a coalition known as "OPEC +", had recommended postponing the increase in production to counter the effects of the Corona pandemic on demand.
Later today, the American Petroleum Institute is expected to announce preliminary data on crude stocks in the United States, while the Energy Information Administration will release its official data tomorrow.
On the other hand, the dollar index (against a basket of major currencies) by 17:26 GMT fell 0.2% to 92.4 points, and recorded the highest level at 93.6 points and the lowest level at 92.2 points.
In terms of trading, US Nymex crude futures for December delivery by 17:22 GMT decreased 0.4% to 41.1 dollars a barrel, and recorded the highest price at 41.6 dollars and the lowest price at 40.5 dollars.
Brent crude futures for January delivery fell 0.7% to $ 43.5 a barrel, and recorded the highest price at $ 44.2 and the lowest price at $ 43.08.
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