Oil prices are falling amid the strength of the dollar

2023-05-19 04:28:12

Oil prices recorded a slight decline in early Asian trading on Friday, as optimism about the possibility of avoiding a US default on its obligations was offset by high inflation data that may alert central banks around the world to raise interest rates.

Brent two-year crude futures fell to $75.84 a barrel by 0015 GMT. US West Texas Intermediate crude also fell 10 cents, or 0.043 percent, to $71.76.

US President Joe Biden and House Speaker Kevin McCarthy earlier this week reaffirmed their intention to reach an agreement soon to raise the federal debt ceiling of $ 31.4 trillion, and agreed to hold talks by Sunday.

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