Oil declines, Brent below $96

Oil drilling rigs

Oil prices fell today, Nov. 3, after adding more than 1% in the previous session, as the increase in US interest rates pushed up the dollar.

Brent crude was trading down 0.49% at $95.69 a barrel, at 9:12 am Makkah time. West Texas Intermediate (WTI) crude rose 0.64% to $89.42 a barrel.

US Federal Reserve Chairman Jerome Powell said on Nov. 2 that it is too early to consider stopping the interest rate hike – paving the way for further increases during the upcoming meetings.

On the other hand, the ban imposed by the European Union on Russian oil is scheduled to start on Dec. 5, and will be followed by a halt to the import of oil products in February.

Also likely to keep supply tight in coming months, producers from the Organization of the Petroleum Exporting Countries (OPEC) may struggle to hit previously set output quotas, Reuters reported, citing a note from ANZ analysts.