Reported 11 months ago
Oil prices slipped for a second consecutive session on Monday as the dollar strengthened following strong U.S. jobs data, leading to reduced expectations for interest rate cuts. Brent crude futures and U.S. West Texas Intermediate crude futures both dropped slightly, influenced by the stronger greenback making dollar-denominated commodities like oil more costly. Additionally, concerns about rising global supply from OPEC+ plans to unwind production cuts and increasing commercial OECD crude stocks in May are impacting the market.
Source: YAHOO