Oil retreated after falling into overbought territory, strong dollar
The US dollar's rally on Friday further impacted oil prices, as a stronger dollar makes commodities traded in the currency less attractive to international investors.
International benchmarks for crude oil retreated on Friday, 21 June 2024, after entering overbought territory in the previous session. Despite this pullback, oil prices recorded another weekly gain, supported by shrinking US stockpiles and signs of improving fuel demand.
The US dollar's rally on Friday further impacted oil prices, as a stronger dollar makes commodities traded in the currency less attractive to international investors.
Brent crude fell by 47 cents, settling at $85.24 per barrel.
West Texas Intermediate (WTI) for August delivery decreased by 56 cents, ending the session at $80.73 per barrel.