Oil prices fall amid fears of a US debt default and further rate increases – The National

Oil prices fall amid fears of a US debt default and further rate increases – The National

Oil prices were down on Tuesday amid concerns of further interest rate increases and as political opposition to the US debt-ceiling agreement reignited concerns of a default.

Brent, the benchmark for two thirds of the world’s oil, was trading 2.14 per cent lower at $75.42 a barrel at 2.13pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 2.01 per cent at $71.21 a barrel.

On Monday, Brent settled 0.16 per cent higher at $77.07 a barrel. There was no trading in WTI futures overnight as markets were closed for the Memorial Day holiday in the US.