Oil prices fall on strong dollar, mixed global economic news

Ammon News:
Crude oil prices fell about 1 percent on Friday on fears that rising global oil demand could be hurt by a strong U.S. dollar and negative economic news in some parts of the world.

Prices fell despite signs of improving U.S. oil demand and lower fuel stockpiles, which helped push crude prices to a seven-week high a day earlier.

Brent futures fell 47 cents, or 0.6 percent, to $85.24 a barrel, while U.S. West Texas Intermediate (WTI) crude ended up 56 cents, or 0.7 percent, at $80.73.

For the week, both crude oil benchmarks rose about 3% after gaining about 4% last week.

The Fed has aggressively raised interest rates in 2022 and 2023 to control a rise in inflation. Higher rates have increased borrowing costs for consumers and businesses, which can slow economic growth and reduce demand for oil.

Reuters

Ammon News:
Crude oil prices fell about 1 percent on Friday on fears that rising global oil demand could be hurt by a strong U.S. dollar and negative economic news in some parts of the world.

Prices fell despite signs of improving U.S. oil demand and lower fuel stockpiles, which helped push crude prices to a seven-week high a day earlier.

Brent futures fell 47 cents, or 0.6 percent, to $85.24 a barrel, while U.S. West Texas Intermediate (WTI) crude ended up 56 cents, or 0.7 percent, at $80.73.

For the week, both crude oil benchmarks rose about 3% after gaining about 4% last week.

The Fed has aggressively raised interest rates in 2022 and 2023 to control a rise in inflation. Higher rates have increased borrowing costs for consumers and businesses, which can slow economic growth and reduce demand for oil.

Reuters