Oil is falling due to the rise in the dollar and concerns about demand in China

Oil prices fell on Monday, after posting seven consecutive weeks of gains, supported by tight supplies caused by the OPEC+ group’s production cuts, amid concerns about a slowing economic recovery in China and the impact of a rising dollar.

Brent oil futures fell 29 cents, or 0.3 percent, to $86.52 a barrel by 0033 GMT, while US West Texas Intermediate crude fell 24 cents, or 0.3 percent, to $82.95 a barrel.

Prices fell as the US dollar index consolidated its gains on Monday after a slightly larger rise in US producer prices in July lifted Treasury yields despite expectations that the Federal Reserve would stop raising interest rates.

It is expected that supply cuts by Saudi Arabia and Russia within the framework of the alliance between the Organization of the Petroleum Exporting Countries and its allies, or what is known as OPEC +, will reduce oil stocks for the rest of this year, which may lead to higher prices, according to the International Energy Agency in its monthly report. Friday.