Reported 11 days ago
Oil prices are set for a weekly decline as a strong US dollar exerts downward pressure, primarily due to the Federal Reserve's signals of fewer interest-rate cuts in the upcoming year. Brent crude has dropped nearly 3% this week, falling toward $72 a barrel, while West Texas Intermediate hovers near $69. China's largest refiner, Sinopec, reported that gasoline demand in China peaked last year, contributing to a weak market outlook. Concerns over increased production and potential sanctions on Iranian and Russian oil further cloud the demand outlook.
Source: YAHOO