Oil market ended the week lower on a stronger US dollar, dimmed demand outlook
International benchmarks for crude oil slipped on the final trading day of last week, Friday, 24 March 2023 after the US Energy Secretary said the country might take years to refill its Strategic Petroleum Reserve
International benchmarks for crude oil slipped on the final trading day of last week, Friday, 24 March 2023 after the US Energy Secretary said the country might take years to refill its Strategic Petroleum Reserve, which shrunk the lofty expectations for a strong demand outlook in the near-term. Meanwhile, the US dollar rose 0.6% against other currencies and pressured all commodities traded using the greenback.
Brent settled down 92 cents or 1.2% at $74.99/barrel.
WTI fell 70 cents or 1% to close at $69.26/barrel.