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Oil prices fell after rising for 3 days | latest news

Oil prices fell on Wednesday, June 29, taking a breather, after rising for three consecutive sessions, affected by concerns about the global economy, while restrictions on supply eased.

The benchmark Brent crude futures fell 0.98 dollars, or 0.8%, to record 117 dollars a barrel.

And US West Texas Intermediate crude futures fell $0.62, or 0.6%, to $111.14 a barrel.

Both benchmarks rose more than 2% on Tuesday, due to fears of supply shortages as a result of Western sanctions imposed on Russia, which outweighed fears of slowing growth due to a possible economic recession.

Analysts also warned that political turmoil in Ecuador and Libya could heighten concerns about a supply shortage.

New changes related to the Russian oil trade may appear after the leaders of the Group of Seven agreed on Tuesday to study a ceiling on the selling prices of Russian oil, allowing more supplies to reach the market without increasing Moscow’s revenues.

A Reuters poll showed that US crude stocks are expected to have fallen in the past two weeks.