Oil prices fell today, in light of concerns about high interest rates and the possibility of tight supplies, due to the OPEC Plus cuts in its production. Brent crude fell 48 cents to $81.18 a barrel, while West Texas Intermediate crude fell 48 cents to $77.39 a barrel. The two benchmarks fell more than five percent last week, their first weekly decline in five weeks, as implied demand for gasoline declined from last year, raising fears of a recession in the world’s largest oil consumer. It is expected that the central banks in the United States, Britain and Europe will raise interest rates when they hold a meeting in the first week of next May in an attempt to curb high inflation, and enter additional supply cuts decided by the OPEC Plus alliance that includes the member states of the Organization of the Petroleum Exporting Countries (OPEC). And its allies, including Russia, will take effect from May, which may lead to shortages in the market.
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