Oil prices fell about 5% in volatile trading on Tuesday on concerns over demand after the International Monetary Fund (IMF) cut its economic growth forecasts and warned of higher inflation. high.
Brent crude dropped $5.91, or 5.22%, to close at $107.25 a barrel, while U.S. crude dropped $5.65, or 5.22%, to close at $5.22 a barrel. 102.56 a barrel.
Prices fell despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian production began to decline following Western-imposed sanctions over the invasion against Ukraine, according to a producer alliance report seen by Reuters.
The IMF lowered its forecast for global economic growth by nearly 1 percentage point, citing Russia’s conflict, and said inflation was now a “clear and present danger” for many countries.
The outlook increased dollar trading pressure to a two-year high. A firmer dollar makes commodities priced in the currency more expensive for holders of other currencies, which can dampen demand.
Source: CNN Brasil
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