Oil prices decline amid U.S. dollar strength, demand concerns

2021-09-08 04:26

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NEW YORK, Sept. 7 (Xinhua) -- Oil prices dropped on Tuesday, pressured by a strong U.S. dollar and concerns about weak fuel demand.

The West Texas Intermediate for October delivery lost 94 cents to settle at 68.35 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased 53 cents to close at 71.69 dollars a barrel on the London ICE Futures Exchange.

The slide came as COVID-19 cases continued to surge in some major economies, rekindling fears over fuel demand.

A momentum in the U.S. dollar also weighed on the market. The dollar index, which measures the greenback against six major peers, increased 0.32 percent to 92.5126 in late trading on Tuesday, following a 0.2-percent rise in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.
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