English
Oil is falling due to the strength of the dollar, but the demand picture is still positive
Oil prices fell for the second session in a row Friday, June 18, as the US dollar rose thanks to the possibility of an increase in interest rates in the United States, but crude is on track to conclude the week with little change and just below its highest levels in several years.
Brent crude futures fell 47 cents, or 0.6%, to $72.61 a barrel by 05:51 GMT, to continue a decline of 1.8% recorded on Thursday. The contract is heading towards its first weekly loss in 4 weeks.
US West Texas Intermediate crude futures fell 39 cents, or 0.6%, to $70.65 a barrel, after falling 1.5% on Thursday. West Texas crude is also heading towards recording its first weekly decline in four weeks.
On Wednesday, Brent hit the highest settlement price since April 2019 and WTI hit its highest level since October 2018 when it settled.
The dollar has rallied strongly in two sessions since the Fed forecast possible interest rate increases in 2023, earlier than market watchers had previously expected. The rise of the dollar leads to an increase in the cost of oil in other currencies, which reduces demand
