Oil closes 1.5% lower; Brent below $91

Oil drilling rigs

Oil prices closed in the red today, Sept. 20, as investors awaited monetary policy decisions by a number of central banks.

Commodity prices, including oil, came under pressure as the US dollar rose to its highest level in nearly 20 years. Stronger US dollar raises the cost of commodities purchases by other currencies holders.

Meanwhile, markets expect the US Federal Reserve, and several central banks in Europe and Asia, to pass interest rate increases this week, as part of efforts to control inflation.

The US Department of Energy announced that it will sell up to 10 million barrels of oil from the strategic reserve in November.

Meanwhile, Russian seaborne oil exports decreased by 314,000 barrels per day compared to August, to reach 3.03 million barrels per day in the first two weeks of this month, the lowest level since September 2021, S&P Global reported, citing Kpler data.

In terms of trading, Brent crude futures November contract fell 1.5%, or $1.38, to settle at $90.62 a barrel.

WTI crude October contract declined 1.5%, or $1.28, to $84.45 a barrel, on the last trading days of this contract.

WTI crude futures for November delivery also fell by 1.7%, or $1.42, to $83.94 a barrel.