Oil prices fell in early trading on Tuesday, with Brent crude dropping 0.4% to $76.70 and West Texas Intermediate crude decreasing 0.3% to $72.92. Markets are awaiting the consumer price inflation figures in the United States for April, scheduled for release tomorrow, Wednesday, in anticipation of any clues regarding the next interest rate decision.
Despite the significant decline in oil markets last week, prices rose on Friday and Monday as fears of a recession in the United States, the world's largest oil consumer, eased. Some traders viewed the drop in crude oil to its lowest level in three weeks due to demand concerns as excessive.
