Oil prices fell in trading on Tuesday amid market fears of weak global demand for crude, and the impact of Saudi Arabia reducing its oil prices.
By 11:25 Baghdad time, US crude futures fell by 0.31% to $70.55 per barrel, while Brent crude futures fell by 0.13% to $76.02 per barrel.
Yesterday upon settlement, black gold prices declined significantly, and Brent futures contracts fell by 3.35% to $76.12 per barrel, while US crude futures contracts fell by 4.1% to $70.77 per barrel.
Earlier, Bloomberg reported that Saudi Arabia decided to reduce crude oil prices for buyers on all export destinations, including its main market in Asia, for next February, to stimulate the market.
The lowering of oil selling prices by Saudi Arabia, the world’s largest crude exporter, strengthened indicators of weakness in global demand, and the move also overshadowed concerns about supplies resulting from escalating geopolitical tensions in the Middle East.
