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Oil: falling prices

08/11/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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While a strong dollar and lower crude imports into China offset supply risks associated with the Trump presidency and production cuts caused by Hurricane Rafael, oil fell on Thursday, extending a drop triggered by the presidential election am& ricain

.

Brent crude oil futures fell 66 cents, or 0.9%, to $74.26 per barrel at 14:19 GMT on Thursday. American West Texas Intermediate (WTI) crude lost 80 cents, or 1.1%, to $70.89. According to Saxo Bank analyst Ole Hansen, the downside factors include a strong dollar and sluggish demand, while upward pressures come from a potential increase in sanctions against Iran and Venezuela under Trump, as well as the conflict in the

Middle East.
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