February 8, 2023

Today, on Tuesday, oil prices showed a noticeable decline in early trading.

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Futures contracts for Brent crude for delivery in March next year fell by (36) cents, or (0.45%), to a record (79.26) dollars per barrel.

Futures for US West Texas Intermediate oil also fell by (39) cents, or (0.5%), to a record (74.24) dollars per barrel.

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This decline in oil prices comes amid dealers waiting for data on the plans of the Federal Reserve (US Central Bank) to raise interest rates. Know the implications of this for the economy and fuel demand.

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