Oil Prices Falling for the 3rd Week, in a row

Oil prices fell and erased the gains of the previous session, on raise interest rates, to curb inflation.

Brent, the world benchmark blend futures fell 70 cents, or 0.8%, to settle at $82.17 a barrel.

US West Texas Intermediate crude fell 80 cents, or 1%, to $80.79 a barrel on settling.

The two benchmark crudes experienced a decline for the third week, in a row, under pressure from the dollar’s strength, due to speculations that the administration of US President Joe Biden, might release quantities of oil from the US strategic stockpile, to calm and tame prices, at the world markets.

On a weekly basis, the price of Brent crude fell 0.7%, while the US West Texas Intermediate crude fell 0.6%.

Although there are positive indicators on the demand side, with a rapid recovery of air travel from the impact of the pandemic, the tightening of monetary policies and the winter that is about to dominate the northern half of the world, are widely expected to act as dampening factors.