Oil prices dip slightly after biggest hike in over a month

Oil prices dip slightly after biggest hike in over a month
Credit: Belga

Crude oil was slightly cheaper on Tuesday, after concerns over supply security caused prices to rise sharply on Monday.

A barrel of North Sea Brent Crude – which determines the price at the pump in Belgium – fell by 2.5% on Tuesday and now costs $102.51.

The US WTI Crude will now cost $95.40 per barrel, 1.7% less than the day before.

Oil prices had shot up on Monday due to fears of shrinking supplies amid political unrest in oil-rich Iraq and Libya.

However, those concerns were overshadowed by fears of a contracting global economy, rising inflation and, as a result, lower demand for oil, which drove prices down on Tuesday.


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