RoydadNaft –  The price per barrel of North Sea Brent oil fell 7 cents to $ 76, 23 cents today. U.S. West Texas Intermediate oil is also trading at 12 cents, down 0.16 per cent at $ 73, 44 cents.

The price per barrel of North Sea Brent oil fell 7 cents to $ 76, 23 cents today.

Oil prices fell for the second day in a row. Expectations of a global supply glut and a stronger dollar have weighed on oil prices.

The price per barrel of North Sea Brent oil fell 7 cents to $ 76, 23 cents today. U.S. West Texas Intermediate oil is also trading at 12 cents, down 0.16 per cent at $ 73, 44 cents.

Both of these oil indexes had price rises for five days in a row last week, and on Friday hit the highest figure since October. The expectation of more fiscal stimulus from China’s central bank has supported oil prices to revive the country’s economy.

Analysts believe this week’s price drop is a result of weaker economic data from the world, which has slowed their output. The rise in the value of the dollar is also hindering the strengthening of oil prices.

The volatility caused by rising tolls in the Trump administration has kept the dollar’s value around last week’s peak.

The rise in the dollar makes it more expensive for holders of other currencies to buy oil.

Rising demand from OPEC member countries and weakness in Chinese demand are expected to keep oil supply to the market at a high level this year, preventing a sharp price rise.