LONDON (Reuters) -Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60.
Likewise, U.S. West Texas Intermediate (WTI) crude futures dropped 92 cents, or 1.18%, to $76.98 a barrel.
“Central banks and the OPEC+ producer group will be in action in the next few days. Interest rate decisions will shed some light on the prospects of economic and oil demand growth,” said Tamas Varga of oil broker PVM.
