A Slight Decline in Oil Prices After Two Consecutive Days of Gains

Oil prices fell, in trading today, Tuesday, after two consecutive sessions of gains supported by the American infrastructure bill, Chinese exports, the global recovery after the pandemic, and the raising of expectations for fuel demand.

Brent crude was down 10 cents at $83.33 a barrel, after rising 0.8% on Monday, and US oil was down 6 cents at $81.87 a barrel, after rising 0.8% the previous day.

President Joe Biden’s long-awaited $1 trillion infrastructure bill presented to Congress over the weekend, along with more-than-expected Chinese exports, painted a picture of a more expanding global economy.

Reuters polls showed that despite higher market prices, US crude inventories are expected to rise for the third consecutive week, which could help pare further gains.