Strong dollar pressures crude oil prices

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.

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