March Brent crude futures fell by $1.01 to $83.89 per barrel by 0920 GMT, while U.S. West Texas Intermediate crude futures dropped 92 cents to $76.98 a barrel
Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
Likewise, U.S. West Texas Intermediate crude futures dropped 92 cents, or 1.18 per cent, to $76.98 a barrel. Investors expect the U.S. Federal Reserve to raise interest rates by 25 basis points on Wednesday, with half-point increases coming from the Bank of England and European Central Bank the following day.Meanwhile, a panel from members of the Organization of the Petroleum Exporting Countries is likely to recommend keeping the group’s current output policy unchanged when it meets on Feb. 1 at 1100 GMT, OPEC+ delegates told Reuters on Monday.
Further bearish sentiment followed news that Russia’s oil loadings from its Ust-Luga port are expected to rise at the beginning of February, despite western sanctions imposed over its invasion of Ukraine.
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