Oil prices fell during trading today, Tuesday, despite the dollar's decline against most of the major currencies, and crude maintained its losses ahead of the release of US inventory data.
Oil maintains losses, awaiting US stockpile data
Later today, the American Petroleum Institute will announce preliminary data on oil inventories in the United States, while the Energy Information Administration will announce its official data tomorrow, Wednesday.
On the other hand, the dollar index - against a basket of major currencies - by 17:40 GMT decreased by 0.3% to 92.3 points, and recorded the highest level at 92.8 points and the lowest level at 92.3 points.
This comes in light of the continued efforts of governments around the world to control the outbreak of the Corona virus, especially with the emergence of the most deadly and fastest spreading “delta” strain in some countries.
In terms of trading, US “NYMEX” crude futures for September delivery by 17:36 GMT decreased by 0.8% to $71.2 a barrel, and recorded the highest price at $72.3 and the lowest price at $71.3.
Brent crude futures for September delivery fell 0.4% to $74.1 a barrel, with the highest price at $75.05 and the lowest at $74.1.
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