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Oil prices settled lower as inflation continues to cast a shadow on the market.The US dollar rose on the expectation that the Federal Reserve would increase key interest rates again in May following a strong US employment report. |
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Oil prices descended slightly on Monday, 10 April 2023 after three consecutive weeks of gains. The influence of a weak demand outlook is more pronounced than the impact of reduced supply and as a result, prices experience a reduction.
Brent crude trickled down 96 cents or 0.2% to close at $84.58/barrel while US West Texas Intermediate fell 94 cents or 0.1% to $79.74/barrel.
The US dollar rose on the expectation that the Federal Reserve would increase key interest rates again in May following a strong US employment report. A stronger dollar makes the commodity more expensive for overseas investors, who trade in other currencies.
