New York-Sana
Oil prices fell today as rising inflation in the US fueled fears of a major interest rate hike.
Reuters reported that Brent crude futures fell 58 cents, or 0.6 percent, to $90.83 a barrel, while West Texas Intermediate crude fell 45 cents, or 0.5 percent, to $89.43 a barrel.
Oil prices are also heading for their first weekly decline after achieving seven consecutive weeks of gains, despite the fact that both Brent and US crude rose earlier to their highest level in seven years.
The Organization of the Petroleum Exporting Countries said global oil demand could rise further this year.
It expects an increase in demand of up to 4.15 million barrels per day, with the global economy recording a strong recovery from the pandemic.
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