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Home Energy

Oil falls 1% on strong US dollar, mixed supply cues

Business 360 by Business 360
October 3, 2023
in Energy, Oil
0
Crude oil prices drop, pressured by stronger U.S. dollar

Oil prices faced a 1% decline in early Asian trading on Tuesday, following a drop to a three-week low in the previous session. Several factors contributed to this decline, including a stronger U.S. dollar, rising U.S. bond yields, and mixed signals regarding oil supply.

Brent futures for December delivery fell by 92 cents, equivalent to a 1.01% decrease, settling at $89.79 per barrel by 0225 GMT. Similarly, U.S. West Texas Intermediate crude (WTI) experienced a 1.04% drop, or 92 cents, with prices reaching $87.90 per barrel.

ANZ analysts pointed out that “(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment.” They further explained that while the supply of oil remains constrained, the combination of higher interest rates and a stronger dollar could lead to expensive storage of inventories, potentially triggering further destocking of oil inventories and increasing spot availability.

The U.S. dollar reached a 10-month high against a basket of major currencies earlier on Monday, as the U.S. government managed to avert a partial shutdown. Additionally, economic data fueled expectations that the Federal Reserve would maintain higher interest rates for an extended period, potentially slowing economic growth. These higher interest rates, coupled with a stronger dollar, also make oil more costly for holders of other currencies, potentially affecting oil demand.

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