Oil prices fell, on Tuesday, from their highest levels in a month, due to the rise of the dollar and after the Managing Director of the International Monetary Fund warned of more difficulties in 2023, as major economies suffer from weak activity.

Brent crude futures fell 98 cents, or 1.1 percent, to $84.93 a barrel by 01:48 GMT, while US West Texas Intermediate crude fell 77 cents, or 1 percent, to $79.49 a barrel, after the dollar rose, reports a local Arabic daily.

A stronger US currency makes commodities denominated in it more expensive for holders of other currencies.

IMF Managing Director Kristalina Georgieva said on Sunday that the US, Europe and China, the main engines of global growth, are all slowing simultaneously, making 2023 a more difficult year than 2022 for the global economy.

Oil prices had risen more than two percent when settling on Friday, with Brent and West Texas Intermediate crude ending 2022 up by 10.5 percent and 6.7 percent, respectively.

Russian President Vladimir Putin banned the supply of crude oil and oil products from February 1 for a period of five months to countries that adhere to the maximum price of Russian crude, in a decision that also included a clause allowing Putin to bypass the ban in special cases.

A Reuters poll showed that Brent crude oil is expected to average $89.37 a barrel in 2023, while US West Texas Intermediate crude will average $84.84 a barrel, with global economic growth slowing.

Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait