Oil Prices Fall Due to Stronger Dollar
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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.
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.
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