Reported 11 months ago
Oil prices fell in early Asian trade for a second consecutive session due to a stronger dollar, which arose concerns of higher interest rates and dampened investors' risk appetite. Brent crude futures dropped 0.5% to $84.84 a barrel, while U.S. West Texas Intermediate crude futures fell 0.5% to $80.34 a barrel. The surge in the dollar made dollar-denominated commodities less appealing to holders of other currencies. Despite this, both benchmark crude contracts saw a 3% increase last week with strong oil product demand in the U.S. and OPEC+ production cuts. Geopolitical tensions in the Middle East and disruptions in Ecuador also supported oil prices.
Source: YAHOO