Oil price rebounded after falling 2%

Today, Tuesday, oil prices recorded a slight increase, after a significant drop that hit them during the session on Monday and left 2% losses.

THE future on Brent crude oil rose 0.74% to $ 86.06 a barrel, while i future on US crude oil rose 0.59% to $ 83.8.

Oil prices were hit yesterday by investor fears about the possibility of faster-than-expected interest rate hikes by the Federal Reserve, which pushed oil markets asset risky to the downside as the dollar rose.

And yesterday Brent crude oil contracts closed the trading session as low as $ 1.62, or 1.84%, to register at a close of $ 86.27 a barrel. US West Texas Intermediate crude contracts fell $ 1.83, or 2.2%, to stand at $ 83.31 a barrel.

Both benchmarks recorded last week, the fifth consecutive week of gains, with an increase of around 2% to reach their highest level since October 2014.

Oil prices are still more than 10% above their level at the start of the year, supported by concerns over supply shortages, as the OPEC + group struggles to achieve a targeted increase in monthly production of 400,000 barrels per day.

Read More About: Business News