Oil prices drop as dollar strengthens, demand weakens
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.
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.
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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Oil prices drop as dollar strengthens, demand weakens
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