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Oil prices continue to drop amid dollar recovery

Category: Economy

Date: 2020-09-03T06:45:39+0000
Oil prices continue to drop amid dollar recovery

Shafaq News / Today, Thursday, oil prices continued to dropping after the biggest decline since July due to the dollar strength, as concerns about OPEC supplies returned.

The dollar affected futures this week, as the US currency's rise helped push oil down 2.9% on Wednesday, its lowest level since early August.

Meanwhile, Iraq may seek a two-month extension to implement compensatory cuts under the OPEC+ production agreement, and OPEC production rose last month as producers eased production restrictions, which meant more supply as demand was reduced.

OPEC is testing demand's desire by bringing more supply back to the market, while Chinese crude oil purchases are slowing down.

West Texas Intermediate crude for October delivery fell 6 cents to $41.44 a barrel on the New York Mercantile Exchange as of 6:00 GMT.

Brent for November fell 14 cents to $44.29 on the European Ice Futures Exchange after falling 2.5% in the previous session.

Despite a drop in U.S. crude inventories by more than 9 million barrels last week, according to a report from the Energy Information Administration, that has not picked up prices as demand for gasoline in USA remains nearly 10% lower than last year's levels showing the continuing impact of the CORONA virus epidemic.


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