Oil Updates – crude extends losses after dollar rises on shifting interest rate outlook

Oil Updates – crude extends losses after dollar rises on shifting interest rate outlook

SINGAPORE: Oil prices fell on Monday, extending losses from the previous session after the dollar rose on market views that higher-than-expected inflation could delay cuts to high US interest rates that have been capping global fuel demand growth, according to Reuters.

Brent crude futures fell 14 cents, or 0.2 percent, to $81.48 a barrel by 9:56 a.m. Saudi time, while US West Texas Intermediate crude futures declined 22 cents, or 0.3 percent, to $76.27 a barrel as the US dollar strengthened. A stronger dollar makes oil more expensive for holders of other currencies. Oil Updates – crude extends losses after dollar rises on shifting interest rate outlook