Global oil prices slipped on concerns about the negative impact of the worsening global economic situation. Despite the price decline, it remained under control due to concerns about future oil supplies, especially after Russia stopped oil exports to Poland through a major pipeline.
World oil prices fall
Brent crude futures fell 51 cents, or 0.6%, to $82.65 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $76.08.
 
The decline in world oil prices was triggered by the strengthening of the U.S. dollar exchange rate which hampers oil purchases. This happened even though the decline in oil value was limited due to concerns about future oil supplies.
 
The movement of the U.S. dollar exchange rate was near its highest peak in the last seven weeks. This happened after a series of U.S. economic data showed improvement, which strengthened the view that the Federal Reserve should raise interest rates further and for longer.

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Concerns about the Federal Reserve’s hawkish policy were renewed after data released on Friday showed that the US personal consumption expenditures (PCE) price index rose by 0.6% last month, after rising 0.2% in December.
 
Meanwhile, Russia has halted oil supplies to Poland via the Druzhba pipeline. Polish refiner PKN Orlen said this on Saturday, a day after Poland said it had delivered its first Leopard tanks to Ukraine.
 
Russian pipeline operator Transneft blamed the halt on the lack of complete documentation for oil supplies in the second half of February.
 
In conclusion, world oil prices fell due to concerns about the worsening global economic situation, and a stronger US dollar that discouraged purchases. Despite the price decline, it remained under control due to concerns about future oil supplies. All parties should pay attention to this situation and coordinate well to deal with the existing problems.

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