NextGen Day

Tuesday saw a decline in oil prices as traders sought cheaper dollar-indexed crude oil due to worries about economic growth and oil demand in the United States, the world’s top oil user.

At 9:55 a.m. local time (06:55 GMT), the price of international benchmark Brent oil was trading at $79.32 per barrel, down 0.41 percent from the previous trading session’s closing price of $79.65 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) was trading at $74.35 per barrel, down 0.37 percent from the previous session’s closing price of $74.63 per barrel.

Prices are under pressure to fall due to uncertainty surrounding US economic growth, the demand for oil, and worries that the Federal Reserve will maintain its hawkish posture in its fight against the nation’s growing inflation rates.

At a central bank conference later in the day, Federal Reserve Chair Jerome Powell will give a speech that could offer some insight into the Fed’s approach.

Investors are keeping an eye on the new inflation statistics that will be made public later this week.

Demand uncertainty added to the pressure on prices. The US dollar index, which compares the value of the dollar against a basket of six different world currencies, increased by 0.20 percent to 102.95.

Oil priced in dollars is more expensive for buyers when the value of the dollar increases relative to other currencies, which discourages trade.

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