Singapore July 19 2022: Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations the U.S. Federal Reserve’s interest rate hike may be less than thought.
Brent crude futures for September settlement fell 69 cents to $105.58 a barrel by 0036 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery fell 65 cents to $101.95 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September future was at $98.79 a barrel, down 63 cents.
Both benchmarks recorded weekly declines of more than 5% last week.
Oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies have disrupted trade flows to refiners and end-users and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut future fuel demand.
