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Oil rates decline on Tuesday, forced by strengthening US dollar index
(MENAFN) Oil rates experienced a decline on Tuesday, driven by a strengthening US dollar index and anticipations of reduced demand amidst elevated US stockpiles.
At 11:05 a.m. local time (0805 GMT), the international benchmark crude, Brent, was trading at USD77.92 per barrel, reflecting a 0.29 percent decrease from the previous closing price of USD78.15 per barrel in the Monday trading session.
Simultaneously, the American benchmark, West Texas Intermediate (WTI), recorded a price of USD72.32 per barrel, marking a 0.65 percent decline from Monday's closing figure of USD72.79 per barrel.
The ascent of the US dollar against other currencies contributed to the downturn in oil prices, as evidenced by a 0.53 percent increase in the US dollar index to 102.695. A robust dollar typically curtails demand by elevating the cost of oil for foreign currency users.
Expectations of a reduction in oil production in the United States, the world's largest oil-consuming nation, gained traction due to adverse weather conditions. Severe weather could disrupt refinery operations, potentially leading to increased prices amid diminishing supplies.
Industry experts are eagerly anticipating the release of crude oil stock data from the American Petroleum Institute (API) and official data from the Energy Information Administration later this week.
At 11:05 a.m. local time (0805 GMT), the international benchmark crude, Brent, was trading at USD77.92 per barrel, reflecting a 0.29 percent decrease from the previous closing price of USD78.15 per barrel in the Monday trading session.
Simultaneously, the American benchmark, West Texas Intermediate (WTI), recorded a price of USD72.32 per barrel, marking a 0.65 percent decline from Monday's closing figure of USD72.79 per barrel.
The ascent of the US dollar against other currencies contributed to the downturn in oil prices, as evidenced by a 0.53 percent increase in the US dollar index to 102.695. A robust dollar typically curtails demand by elevating the cost of oil for foreign currency users.
Expectations of a reduction in oil production in the United States, the world's largest oil-consuming nation, gained traction due to adverse weather conditions. Severe weather could disrupt refinery operations, potentially leading to increased prices amid diminishing supplies.
Industry experts are eagerly anticipating the release of crude oil stock data from the American Petroleum Institute (API) and official data from the Energy Information Administration later this week.
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