Oil prices fell on Tuesday, December 8, continuing the losses incurred in the previous session, at a time when California tightened general isolation measures to confront the Coronavirus pandemic during Christmas.<\/p>\n\n\n\n
Brent crude futures were down 51 cents, or 1.1%, to $ 48.28 a barrel by 07:44 GMT. US West Texas Intermediate crude futures fell 45 cents, or 1%, to $ 45.31 a barrel. The two benchmarks lost about 1% on Monday.<\/p>\n\n\n\n
After the rise in oil prices last week against the backdrop of plans to introduce anti-Corona vaccines and the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as the OPEC+ group, to curb supply increases, analysts say they are closely following US lawmakers’ efforts to approve a new economic stimulus package.<\/p>\n\n\n\n
The package is needed to drive job growth and thus energy demand.<\/p>\n\n\n\n
Data due to be released by the American Petroleum Institute later today, Tuesday, and by the US government on Wednesday, is expected to show a decrease in US oil inventories last week, while inventories of refined products will rise.<\/p>\n\n\n\n
The dollar is also putting pressure on commodity prices after it rose against a basket of currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Tuesday, December 8, continuing the losses incurred in the previous session, at a time when California tightened general isolation measures to confront the Coronavirus pandemic during Christmas. Brent crude futures were down 51 cents, or 1.1%, to $ 48.28 a barrel by 07:44 GMT. US West Texas Intermediate crude futures fell …<\/p>\n","protected":false},"author":9,"featured_media":32066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-38276","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=38276"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38276\/revisions"}],"predecessor-version":[{"id":38277,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38276\/revisions\/38277"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32066"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=38276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=38276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=38276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}