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Oil prices fall as the dollar rises
Oil fell more than 2.5 percent in volatile trade on Tuesday as the dollar rallied and China's domestic demand weakened, plunging prices after a brief boost on concerns of a possible drop in crude supplies from Libya.
Brent crude futures were down $ 1.37, or 2.63 percent, to settle at $ 50.73 a barrel.
US crude futures closed lower at $ 1.23, or 2.52 percent, at $ 47.59 a barrel.
"It's a strong dollar and concern about Chinese demand and weak volumes," said Phil Flynn, an analyst at PricewaterhouseCoopers in Chicago.
The dollar rose broadly as traders cleared the bets on the US currency, which followed mounting tensions with North Korea and discouraging inflation data.
Analysts said investors had returned to the dollar, encouraged by a war of statements between US President Donald Trump and North Korean leader Kim Jong-un.
Oil prices were also affected by news that crude oil consumption fell at China's refineries in July.
Analysts said the decline exceeded expectations, exacerbating fears that China's demand for oil would be eroded by the glut of supply of refined fuel products.
http://economy-news.net/content.php?id=8654
Oil fell more than 2.5 percent in volatile trade on Tuesday as the dollar rallied and China's domestic demand weakened, plunging prices after a brief boost on concerns of a possible drop in crude supplies from Libya.
Brent crude futures were down $ 1.37, or 2.63 percent, to settle at $ 50.73 a barrel.
US crude futures closed lower at $ 1.23, or 2.52 percent, at $ 47.59 a barrel.
"It's a strong dollar and concern about Chinese demand and weak volumes," said Phil Flynn, an analyst at PricewaterhouseCoopers in Chicago.
The dollar rose broadly as traders cleared the bets on the US currency, which followed mounting tensions with North Korea and discouraging inflation data.
Analysts said investors had returned to the dollar, encouraged by a war of statements between US President Donald Trump and North Korean leader Kim Jong-un.
Oil prices were also affected by news that crude oil consumption fell at China's refineries in July.
Analysts said the decline exceeded expectations, exacerbating fears that China's demand for oil would be eroded by the glut of supply of refined fuel products.
http://economy-news.net/content.php?id=8654
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