2023-04-20 06:05:00
Economic data did not provide enough to support expectations of an improvement in demand
Oil prices fell in trading today, Thursday, with the rise of the dollar, supported by expectations of raising interest rates, and after economic data recently from the United States and China, which did not provide enough to support expectations of improving demand.
By 10:05 GMT, Brent crude futures fell $1.39, or 1.39%, to $81.73 a barrel. West Texas Intermediate crude futures fell $1.45, or 1.83%, to $77.71 a barrel.
The two benchmarks fell for the second day after falling by 2% yesterday, Wednesday, and reached their lowest levels since the “OPEC +” group announced a sudden production cut on the second of April.
“WTI is back below $80 and may continue lower if the strong dollar continues to trade,” OANDA senior market analyst Edward Moya said in a note to clients.
The dollar index rose by 0.40% this week. A stronger dollar makes oil priced in the greenback more expensive for holders of other currencies.
A report by the Federal Reserve (the US central bank) published on Wednesday revealed that US economic activity has not changed much in the past weeks, as employment grew relatively moderately, while price increases appeared to have slowed.
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