Oil prices falling but at slower pace

Global oil prices continued to fall on June 18 afternoon, but at a slightly slower pace, according to trading data, Report informs, referring to Prime agency.

As of 14:51 (GMT+4), the price of August futures for the North Sea Brent crude oil blend decreased by 0.56 percent to $72.67 per barrel, the cost of July futures for WTI oil fell by 0.38 percent to $70.77.

On June 17, Brent fell in price 1.76 percent, and WTI - 1.54 percent.

Investors are dialing back popular trades linked to hotter inflation after the Fed signaled it would raise rates twice by the end of 2023.

“The prospect of earlier interest-rate rises propelled the dollar higher and provided traders with an excuse to take profit,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates, Bloomberg reports.