Oil Prices Fall as Economic Outlook Outweighs Tight Supply

A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, on June 4, 2023. Alexander Manzyuk/Reuters

LONDON—Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.

Brent crude futures were down $1.16, or 1.24 percent, at $92.13 a barrel at 0844 GMT, while U.S. West Texas Intermediate crude futures were trading $1.13 lower, or 1.26 percent, at $88.55.