Oil Cools Down After Sharp Surge – 18 July, 2022

Oil prices were lower on Tuesday after surging over $5 per barrel 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 fell 69 cents to $105.58 per barrel. The contract was up 5.1% on Monday, the biggest percentage gain since April 12. WTI crude futures for August delivery dropped 65 cents to $101.95 per barrel, as the contract climbed 5.1% on Monday, its largest percentage gain since May 11. Both benchmarks recorded weekly declines of more than 5% last week.