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.


Signature: skib/, MarketWatch

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