- Oil prices fall again at a significant rate.
- WTI barrel below $90.00, still closer to the peak than the recent bottom.
- Wall Street futures lower, the dollar slightly higher.
The prices of the pandOil prices are falling for the second day in a row on Tuesday, continuing the decline after the jump that followed the decision to cut production. They are at Friday’s lowest levels, down more than 2%.
The barrel of WTI (trading platforms) trade in the area of ​​$88.00, with a drop of almost two dollars. At the same time, several stock markets in the world are operating at lows since 2020, affected by poor global economic expectations.
Follow the impact by OPEC + on the surface, not on prices
While Russia praised last week’s decision by the Organization of the Petroleum Exporting Countries and its allies to cut production by two million barrels per day, the US criticized it, accusing the group of siding with Russia.
The OPEC+ decision followed four straight months of low prices and a retracement of more than $40 from the highs of the beginning of the year. The initial impact pushed strongly, reaching levels above $93 on Monday, after bottoming out at $76.20 on September 26.
On Tuesday prices continue to decline. The impact left by the OPEC + decision is leaving room for concerns about the global economic outlook, to which is also added a stronger dollar.
Technical levels
Source: Fx Street
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