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Baghdad, Oil prices fell today, Monday, after a slight rise in early trading amid fears of a global economic slowdown, while Russia’s plans to reduce the oil supply to support prices greatly limited the losses.
West Texas Intermediate (WTI) crude futures were traded, according to the Reuters Economic Bulletin, at $76.10 a barrel, down 22 cents, or 0.29%, while Brent crude futures fell 29 cents, or 0.35%, at $82.87 a barrel.
Oil inventories in the United States reached their highest levels since May 2021, while the US Federal Reserve meeting indicated further monetary tightening and a strong increase in the dollar last week, which portends a slowdown in the global economy.
Significantly limiting the losses were Russia’s plans to cut its oil exports from its western ports by as much as 25% in March versus February, exceeding previously announced production cuts of 5% of its production for the month.
Source: National Iraqi News Agency
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