Oil prices decline as US dollar gains strength

24/09/2020 Argaam

Crude oil prices were lower on Thursday as US dollar rose to the highest level since the end of July, and amid concerns over demand as coronavirus cases continue to increase in parts of the world.

 

US Federal Reserve officials expressed concerns about the speed of recovery of the country’s economy from the coronavirus pandemic. Meanwhile, the UK and Germany imposed fresh restrictions to curb a rise in coronavirus infections.

 

In terms of trading, Brent crude was down 0.3% at $41.63 a barrel, at 8.55 am Makkah time.

 

Meanwhile, US West Texas Intermediate (WTI) crude futures fell 0.5% to $39.73 a barrel.

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