Oil falls 1% amid dollar strength; demand picture still bullish – Reuters

Oil falls 1% amid dollar strength; demand picture still bullish – Reuters

MELBOURNE, June 18 (Reuters) - Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.

Brent crude futures were down 86 cents, or 1.2%, at $72.22 a barrel as of 1220 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 84 cents, or 1.2%, at $70.20 a barrel.

On Wednesday, Brent settled at its highest price since April 2019, while WTI settled at its highest since October 2018.