Thursday, 28 October 2021 02:37 GMT

Oil prices decline amid U.S. dollar strength


(MENAFN- Trend News Agency ) Oil prices dropped, pressured by a strong U.S. dollar, Trend reports citing X inhua.

The West Texas Intermediate for October delivery lost 64 cents to settle at 71.97 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased 33 cents to close at 75.34 dollars a barrel on the London ICE Futures Exchange.

A momentum in the U.S. dollar weighed on the market. The dollar index, which measures the greenback against six major peers, increased 0.28 percent to 93.1881 in late trading on Friday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

For the week, the U.S. crude benchmark rose 3.2 percent, while Brent climbed 3.3 percent, based on the front-month contracts.

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