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Oil: Prices are falling in a row on a weekly basis

19/07/2024
Categories: Raw materials

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The dollar strengthened on Friday and mixed economic signals combined to influence investors. However, oil prices fell, moving towards a second weekly decline

.

Brent crude prices fell by 38 cents, or 0.5%, to $84.73 per barrel at 00:35 GMT. West Texas Intermediate U.S. crude futures fell 50 cents, or 0.6%, to $82.32 per barrel. On a weekly basis, Brent crude fell by 0.3% while WTI traded slightly higher after sliding as much as 0.2% on

Friday.

The US dollar index rose for the second straight session after better than expected US labor market and manufacturing data at the start of the week. A stronger dollar is holding back demand for oil denominated in dollars from investors with other currencies

.

Indeed, oil prices found some support over the previous two sessions after the US government reported a larger than expected weekly drop in oil inventories. At the same time, the OPEC+ producer group is unlikely to recommend changing the group's production policy

.
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