Title: Oil falls amid dollar strength; demand picture still bullish

Jun 18, 2021 05:10 AM ET

By: AnalysisWatch

Oil fees fell for a 2nd immediately consultation on Friday because the U.S. greenback soared on the possibility of hobby charge hikes the United States, however they had been on the right track to complete the week little modified and handiest barely off multi-yrs. highs.

Brent crude futures had been down sixty four cents, or 0.9%, at $72.44 a barrel as of 0900 GMT, extending a 1.8 decline on Thursday. The agreement is about to be in large part regular for the week.

U.S. West Texas Intermediate (WTI) crude futures had been down fifty three cents, or 0.8%, at $70.51 a barrel, after chickening out 1.5% on Thursday and also are set to be flat at the week.

On Wednesday, Brent settled at its maximum fee because April 2019 even as WTI settled at its maximum because October 2018.

The greenback has rocketed the classes because the U.S. Federal Reserve projected feasible charge hikes in 2023, in advance than marketplace watchers formerly expected. A growing greenback makes oil greater luxurious in different currencies, curtailing demand.

Oil fees additionally fell after Britain on Thursday said its largest every day upward thrust in new instances of COVID-19 because Feb. 19, with authorities figures displaying 11,007 new infections as opposed to 9,1/2 an afternoon in advance.