Monday, July 15, 2024

Oil prices fall as the dollar rises and the number of oil resources in the United States increases

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Oil prices fell on Monday, extending the loss on Friday to a three-week high of the US dollar and the US rick increase, although nearly a quarter of U.S. production in the Gulf of Mexico is still closed due to hurricanes.

The U.S. 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. Brent crude futures were down 27 cents, or 0.4 percent, at $ 75.07 after falling 33 cents on Friday.

Oil prices fell as the dollar hit a three-week high on Friday as a result of U.S. retail sales data higher than expected. The U.S. Federal Reserve has strengthened expectations that it will begin to reduce asset purchases by the end of this year.

The increase in the number of drilling rigs in the United States has also curbed the rise in oil prices. Baker Hughes said Friday that the number of oil and gas appliances in the week ending Sept. 17 had risen nine times to 512, the highest level since April 2020 and more than double the number recorded at this time last year.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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