Oil Prices Fall Due to Stronger Dollar

Oil prices fell for a third straight day on concerns of weak demand from China. In addition, a stronger dollar and tepid capital market sentiment contributed to the downward trend.

Brent crude fell to $84.2 a barrel after a 0.7% decline in the previous two sessions, while West Texas Intermediate hovered near $81.4.

On Tuesday, the U.S. dollar strengthened for a second day following the assassination attempt on U.S. presidential candidate Donald Trump, creating a challenging environment for commodities, including oil.

Despite being higher on the year, crude oil prices are hovering between $75 and $95.

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This is due to OPEC+ supply cuts competing with concerns about consumption in China, which is cautious after the country’s slowest economic growth in five quarters.

That volatility hit a multi-year low ahead of this week’s Third Plenum, an important event that sets broad economic and political policies.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.