International oil prices fell on July 9 amid concerns that rising inflation and other economic challenges could weigh on global oil demand, despite the two major crude futures having surged more than 4% the previous day.

Markets generally believe that if the Federal Reserve (Fed) maintains high interest rates, or even raises them further to curb inflation, it will suppress economic growth and reduce crude oil demand.

West Texas Intermediate (WTI) crude for August delivery decreased by US$1.72 (2.2%), reaching US$76.30 per barrel on the New York Mercantile Exchange. Brent crude for September delivery fell by US$1.44 (2%) to US$72.08 per barrel.