Oil prices fall as a strong dollar discourages investors

Oil prices fell slightly on Monday due to a stronger US dollar. This makes oil more expensive for countries using other currencies, reducing demand, News.Az reports.

The price of Brent crude, a major benchmark, fell to $84.80 a barrel, while West Texas Intermediate, the US benchmark, fell to $80.75 a barrel.

The US dollar strengthened due to the ongoing political uncertainty in the country.

This comes despite ongoing efforts to establish a ceasefire between Israel and Hamas in the Middle East, a region crucial to global oil supplies.

News.Az