Oil fell on Thursday as expectations of weaker demand and a stronger US dollar ahead of a possible big interest rate hike outweighed supply concerns.
The International Energy Agency said this week that growth in oil demand will stop in the fourth quarter. The dollar was holding near recent highs, supported by expectations that the Federal Reserve will continue to tighten policy.
At 09:51 GMT, crude Brent It was down 56 cents, or 0.6%, at $93.54 a barrel. US crude West Texas Intermediate it fell 44 cents, or 0.5%, to $88.04.
“There are many forces dictating price action in the oil markets right now, with economic uncertainty leading the way,” said Craig Erlam of OANDA brokerage. “The strengthening of the dollar is potentially another headwind.”
Crude oil has fallen substantially after rallying near record highs in March, after Russia’s invasion of Ukraine added to supply concerns, pressured by recessionary prospects and weaker demand. .
Fresh fighting between Armenia and oil producer Azerbaijan, linked to a decades-long dispute between former Soviet states, posed another risk to supplies, although a senior Armenian official said yesterday a truce had been agreed.
Oil was pressured by dollar strengthwhich makes greenback-traded commodities more expensive for holders of other currencies, ahead of next week’s Federal Reserve meeting, which could raise interest rates by 100 basis points.
U.S. crude inventories rose by 2.4 million barrels, more than expected, data on Wednesday showed, though again buoyed by ongoing releases from the Strategic Petroleum Reserve, part of a program scheduled to end. for the next month.
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