March 30, 2023

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Oil prices are heading for a weekly loss as the dollar rises

Oil prices are heading for a weekly loss as the dollar rises

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Oil prices fell on Friday as the dollar continued to rise, thanks to expectations that the US Federal Reserve will push ahead with a date to raise interest rates in order to control inflation.

Fell back Brent crude futures deals $ 1.36, or 1.6 percent, was $ 81.51 a barrel within 1200 GMT. US West Texas Intermediate crude futures fell $ 1.58 or 1.9 percent to $ 80.01 a barrel.

Both deals are heading for the week, following sharp ups and downs driven by speculation that the dollar will rise and US President Joe Biden’s administration will strategically release oil from its petroleum reserves.

There are positive signs related to demand as the airline recovery accelerates, but monetary and monetary policy tightening and the coming Northern Hemisphere winter are encouraging.

Degraded Organization of Petroleum Exporting Countries “OPEC” Yesterday, Thursday, its forecast for oil demand for the fourth quarter was 330,000 barrels a day from last month’s forecast, as rising energy prices prevented a recovery from the Govt-19 epidemic.

According to Reuters, “the oil market is reluctantly moving towards higher supply,” said Stephen Brenak, a BVM oil broker.

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“OPEC and its allies should at least stop easing supply restrictions in the new year. If they fail to do so, global oil stocks will balloon again,” he added.

And OPEC + agreed last week to stick to a plan to add 400,000 barrels a day to the market per month.