Strong dollar pressures crude oil prices

Share this article:

Both crude oil futures closed in the red yesterday evening (September 17). The strength of the dollar puts oil prices under pressure. After both contracts had risen more than 3% during the week.

WTI crude futures fell 0.9%, or 64 cents, to $71.97 per barrel.

Brent crude futures fell 0.4%, or 33 cents, to $75.34 per barrel.

The movement index of the dollar against the six major currencies in the basket increased by 0.28% to 93.1881. This increases the price of oil traded in dollars.

Nevertheless, the oil price is up for the third week in a row because the supply chain is still tight. One reason for this is the protracted repairs in the Gulf of Mexico. So far, almost 30% of oil production is still offline.

Leave a Reply

Change Language
%d bloggers like this: