Oil market settled lower on demand concerns, strong US dollar

International benchmarks for crude oil fell for the third consecutive day on Thursday, 21 March 2024 on speculation that the US gasoline market might have been overbought while investors were assessing the impact of the strong US dollar on the commodity market. 

Oil prices were also pressured by the new United Nations Security Council resolution that calls for an immediate ceasefire and hostage negotiations in Gaza.

Brent futures decreased by 17 cents or 0.2%, settling at $85.78/barrel.

WTI fell by 20 cents or 0.3% to settle at $81.07/barrel.