On Tuesday, oil prices experienced a significant drop of 1%, with concerns about the U.S. economy driving this decline. Recent consumer confidence data indicate a possible summer fuel demand decrease. This negative outlook led to lower Brent and WTI prices closing around $85.00 and $80.80 per barrel, despite two consecutive weeks of gains.
Traders are worried about oversupply and slowing demand due to increased crude oil and gasoline inventories in the United States. Geopolitical tensions, such as Ukrainian attacks on Russian refineries and conflicts in Gaza, also contribute to oil price fluctuations. Additionally, uncertainties surrounding the U.S. Federal Reserve's interest rate policy could impact the demand for oil and fuels, potentially affecting crude prices.
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