Oil prices fell in early trading on Tuesday, May 9, paring strong gains during the previous two sessions, in light of market caution before the announcement of US inflation data for April, which will play a role in the next US Federal Reserve decision on interest rates.
Brent crude fell 31 cents, or 0.4%, to $76.70, and West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.92 at 00:05 GMT.
Markets are awaiting US consumer price inflation figures for April, due on Wednesday, in anticipation of any indication of the next interest rate decision.
Despite the decline in oil markets a lot last week, prices rose on Friday and Monday as fears of a recession subsided in the United States, the largest oil consumer in the world, and some traders saw that the decline in crude oil to its lowest level in three weeks due to demand fears is exaggerated.
This month, a round of voluntary cuts announced by some members of the OPEC + alliance, which will hold its next meeting on June 4, will begin.
