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Crude oil price falls to three-week low in global market

The appreciation of the dollar and profit taking by investors led to a decline in crude oil prices.

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Crude oil price falls to three-week low in global market
GNN Media: Representational Photo

Moscow: The downward trend in crude oil prices continued today (Tuesday) in the global market, with falling to a three-week low.

According to the news agency, Brent crude oil fell 92 cents to $89.79 per barrel, while US West Texas Intermediate crude fell 92 cents to $87.90 per barrel. These crude oil prices are at the lowest level since September 13.

According to the report, the appreciation of the dollar and profit taking by investors led to a decline in crude oil prices. There are fears of a drop in oil demand due to increased crude oil supply and high interest rates.

Brent futures, which account for three-quarters of the world's oil prices, have risen by about 26 percent since Saudi Arabia announced an output cut in June.

Saudi Arabia and Russia, the two largest producers in the world market, have extended their production cuts until the end of the year.

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