Oil prices continue their losses for the second session in a row

Oil prices continued their losses for the second session in a row, today, Tuesday, as a result of a technical correction after last week’s rise, while expectations of abundant supply and the strength of the dollar also affected prices.

Brent crude futures fell 28 cents, or 0.37 percent, to $76.02 per barrel.

US West Texas Intermediate crude fell 33 cents, or 0.45 percent, to close at $73.23.

The two benchmarks rose for five consecutive days last week and reached their highest levels since October upon settlement on Friday, partly due to expectations of more fiscal stimulus to revive China’s faltering economy.

The dollar witnessed fluctuations, but it remained close to its highest level in two years, which it touched last week, and the strong dollar makes oil more expensive for holders of other currencies.