Oil prices decrease on world markets

Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian, News.Az reports citing Reuters. 

Brent crude futures fell $1.08, or 1.3%, to $85.19 per barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 99 cents, or 1.3%, at $77.51 per barrel.

The dollar hit a fresh two-decade peak against a basket of currencies on the back of rising Treasury yields. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.

Asian share markets slid as surging borrowing costs stoked fears of a global recession, spooking investors into the arms of the safe-haven dollar.


You Might Also Like