Oil prices fell, as concerns about rising interest rates, the global economy, and the outlook for fuel demand overshadowed supplies due to OPEC+ supply cuts.
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 benchmark crudes fell more than 5 percent last week, their first weekly decline in 5 weeks.
Weak U.S. economic data and disappointing corporate profits from the technology sector have raised concerns about growth and caused investors to be risk-averse, adding that a stable dollar and rising bond yields are also weighing on commodity markets.
Source (Al-Rai Kuwaiti Newspaper, Edited)
