Oil prices drop as dollar strengthens, demand weakens

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Home Business Oil prices drop as dollar strengthens, demand weakens 04-01-2023 10:02 AM Ammon News - Oil prices fell on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand and concerns over the faltering global economic outlook clouding market sentiment. Brent crude futures fell 91 cents, or 1 per cent, to $88.41 per barrel by 0629 GMT, while US crude futures dropped by 80 cents, or 1 per cent, to $81.33. Both benchmarks had rebounded in the prior two sessions, after reaching nine-month lows this week, after a temporary dive in the dollar index and a larger-than-expected drawdown of US fuel inventory raised hopes of a consumer demand recovery.

Home Business

Oil prices drop as dollar strengthens, demand weakens

04-01-2023 10:02 AM

Ammon News - Oil prices fell on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand and concerns over the faltering global economic outlook clouding market sentiment.

Brent crude futures fell 91 cents, or 1 per cent, to $88.41 per barrel by 0629 GMT, while US crude futures dropped by 80 cents, or 1 per cent, to $81.33.

Both benchmarks had rebounded in the prior two sessions, after reaching nine-month lows this week, after a temporary dive in the dollar index and a larger-than-expected drawdown of US fuel inventory raised hopes of a consumer demand recovery.

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