WASHINGTON (dpa-AFX) - Oil prices fell over 2 percent on Tuesday, with a firmer U.S. dollar, expectations of weak demand growth and news surrounding oil output increases by OPEC weighing on prices.
Benchmark Brent crude futures fell 2.2 percent to $70.14 a barrel in European trade, while WTI crude futures were down 2.3 percent at $66.61.
The U.S. dollar index rose against six other major currencies on the back of hawkish comments by Federal Reserve Chair Jerome Powell.
Powell said in remarks prepared for delivery at a National Association for Business Economics conference in Nashville, Tennessee on Monday that the risks are two-sided and the Fed will continue to make interest-rate decisions meeting by meeting.
Meanwhile, concerns over slowing global growth and the prospect of additional supply entering the market offset fears that the escalating Middle East conflict could disrupt exports in the key producing region.
According to media reports released last week, OPEC+ plans to raise output by 180,000 barrels/day in December.
Elsewhere, Libya is all set to resume production after its two rival governments reached a compromise.
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