Oil is cheaper because of the strong dollar
Oil prices fell on Thursday, which was a trend correction, as they have been rising for the last three sessions in a row. Raw materials declined due to the strength of the dollar and Russia’s proposals for extraction.
Sergio Flores/Bloomberg
Russian Deputy Prime Minister Alexander Novak said on Thursday that he does not think OPEC + is likely to decide on further oil production cuts at its next meeting in June.
Investors’ attention has also been diverted away from the commodity by a strengthening dollar, which has made crude oil a less attractive investment.
US WTI Crude Oil from July contracts fell 3.4 percent, or $2.51, to $71.83 a barrel at the end of Thursday’s session on NYMEX.
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