Oil prices dropped on profit-taking, stronger dollar
International benchmarks for crude oil dropped by more than a dollar per barrel on Friday, 14 July 2023 but still recorded weekly gains as the dollar index strengthened and oil traders cash out the profit gains from the recent strong rally.
International benchmarks for crude oil dropped by more than a dollar per barrel on Friday, 14 July 2023 but still recorded weekly gains as the dollar index strengthened and oil traders cash out the profit gains from the recent strong rally.
The reductions were deemed temporary and industry experts believe the market will continue to pick up this coming week with a slew of factors such as easing inflation rates, intentions to replenish the US strategic reserve and supply cuts from key oil producers.
Brent crude dropped by $1.49 or 1.8% now at $79.87/barrel.
US West Texas Intermediate went down $1.47 or 1.9% at $75.42/barrel.