Oil Near $71 After Sell-Off as Traders Weigh Consumption, Dollar By Bloomberg – Investing.com
- Date: 18-Jun-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Gulf
Oil Near $71 After Sell-Off as Traders Weigh Consumption, Dollar By Bloomberg – Investing.com
(Bloomberg) -- Oil held near $71 a barrel after the biggest drop in four weeks as traders weighed prospects for a stronger dollar against rising demand.
West Texas Intermediate was 0.1% lower in early Asian trade after losing 1.5% on Thursday amid a broad commodities sell-off. The losses in raw materials followed the Federal Reserve's midweek signal it will in time end the ultra-easy policy brought in to rescue the U.S. economy from the pandemic. That aided the dollar, hurting the appeal of commodities priced in the currency.
Despite the retreat, the benchmark remains on course for a fourth, successive weekly advance on signs of robust consumption and falling stockpiles. With the roll-out of vaccines boosting mobility, especially in the U.S., Europe and China, that would be the longest run of weekly gains this year.
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