Melbourne-Sana
Oil prices fell today, erasing gains made in the previous session, as the dollar continued to rise, thanks to bets that the US central bank will present plans to raise interest rates in order to curb inflation.
Reuters reported that US West Texas Intermediate crude futures fell 26 cents, or 0.3 percent, to $81.33 a barrel, after gains of 25 cents yesterday, and Brent crude futures fell 25 cents, or 0.3 percent, to $82.62 a barrel, erasing yesterday's gains.
The two contracts are heading towards ending the week unchanged after sharp moves up and down driven by the rise of the dollar and speculation about whether the administration of US President Joe Biden will release oil from the Strategic Petroleum Reserve to calm prices.
Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for oil demand in the fourth quarter by 330,000 barrels per day from last month's forecast, as high energy prices curb the recovery from the Corona virus pandemic.
