By Adedapo Adesanya Oil prices turned lower on Monday as the US Dollar strengthened and as investors mulled over a possible May interest rate hike by the US Federal Reserve. Brent crude futures fell by $1.55 or 1.8 per cent to settle at $84.76 a barrel, while the US West Texas Intermediate (WTI) crude dropped… Continue reading Strong US Dollar, More Rate Hikes Weaken Oil Prices
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Soaring COVID-19 Cases, Strong US Dollar Weaken Oil Prices
By Adedapo Adesanya The start of the new week on Monday was met with weaker oil prices as a stronger US Dollar and a rising confirmed cases of COVID-19 in many countries weighed on market sentiment. This brought down the price of the Brent crude by 0.58 per cent or 32 cents to $54.78 per… Continue reading Soaring COVID-19 Cases, Strong US Dollar Weaken Oil Prices