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dollar 's economy leads to a fall in oil prices on world markets[/size]
Twilight News
2 hours ago
dollar 's economy leads to a fall in oil prices on world markets[/size]
Twilight News
2 hours ago
Oil prices fell on Thursday on the back of a stronger dollar, which overshadowed a report that crude stocks in the United States were down.
By 0640 GMT, West Texas Intermediate crude was $ 61.15 a barrel, down 53 cents, or 0.9 percent, from the last settlement price.
Brent crude futures fell 42 cents, or 0.6 percent, from the previous close to $ 65 a barrel.
The dollar rose to a one-week high against a basket of major currencies on Thursday after the minutes of a meeting of the US Federal Reserve in January showed policymakers were increasingly confident that interest rates should continue to rise.
Because of the dollar's oil trading, the rise in the US currency increases the cost of fuel imports to countries using other currencies, which may limit demand.
The strength of the dollar was overshadowed by the US Petroleum Institute report released on Wednesday, which showed an unexpected drop in US crude inventories by 907,000 barrels to 420.3 million barrels in the week ending Feb. 16.
Despite declines on Thursday, analysts said oil markets were generally well supported as demand growth coincided with output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
"Opec production cuts have stabilized the market," Daniel Anins, a strategist at ANZ, said in a report published on Thursday. Commitment to the agreement is relatively good. "
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