Oil Prices Fall Due To the Stronger Dollar

Economy

20-09-2021, 08:59

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INA-follow-up

Oil prices witnessed today, Monday a decline, due to continues losses incurred on Friday, after the US dollar jumped to its highest level in three weeks.

US West Texas Intermediate crude futures were down 30 cents, or 0.4 percent, at $71.67 a barrel at 0059 GMT, after falling 64 cents on Friday, according to Reuters.

Brent crude futures also fell 27 cents, or 0.4 percent, to $75.07 a barrel, after falling 33 cents on Friday.

The drop in oil prices came as a result of better-than-expected US retail sales data, which bolstered expectations that the US Federal Reserve will start reducing asset purchases later this year.
Prices were also affected by the US rig count, although nearly a quarter of US production in the Gulf of Mexico was still shut down in the wake of two hurricanes.