Oil prices decreased by $2 per barrel due to economic uncertainty and an increase in US crude stock.

Tuesday saw a decline in the price of crude oil due to worries about a downturn in the world economy and preliminary data showing a larger-than-anticipated growth in U.S. oil inventories. For 7 consecutive months, business activity in the US has declined, however, the decrease has slowed down in both the manufacturing and services industries for the first time since September. Additionally, the start of the new year has resulted in an improvement in business confidence. According to OANDA analyst Edward Moya, there is still uncertainty in the US economy with some energy traders questioning the speed of China's crude demand recovery. On the other hand, the Eurozone saw unexpected growth in January, as indicated by S&P Global's flash Composite Purchasing Managers' Index (PMI). In contrast, the private sector in Britain continued to experience its sharpest decline in two years. According to the median opinion of economists surveyed by Reuters, economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues suffer from an anticipated modest global recession. According to data from the American Petroleum Institute cited on Tuesday by market sources, crude stockpiles increased by around 3.4 million barrels in the week ending January 20. That was three times the increase of around 1 million predicted in a Monday morning preliminary Reuters poll. Crude oil prices have risen at the beginning of the year on physical markets due to increasing purchases from China following the relaxation of economic limitations and trader concerns that sanctions against Russia could restrict supply. As worries over a global business cycle slump subsided, investors also returned to petroleum futures and options at the fastest rate in more than two years.