Crude oil falls back this week on fear of falling demand

Crude oil futures closed sharply lower on Friday (Oct. 14), with markets pressured by a stronger U.S. dollar and weaker energy demand.

  • WTI crude futures fell $3.5, or 3.9%, to $85.61 a barrel, down 7.6% for the week.
  • BRENT crude futures fell $2.94, or 3.1%, to $91.63 a barrel and were down 6.4% for the week.

Crude oil futures came under further pressure as the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) drastically lowered their oil demand forecasts due to intensified global economic problems.

The stronger U.S. dollar also put pressure on crude oil futures. The dollar index against the six major currencies in a basket of currencies rose 0.84% to 113.3090.

The strength of the dollar has made crude oil contracts settled in dollars more expensive for traders holding other currencies.

The Spot Market is Closed

Saturday, October 15, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.30

85.55

-2.56

-4.00%

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