Mon, 19 Apr 2021

Oil prices slip amid rising U.S. dollar

Xinhua
27 Feb 2021, 08:18 GMT+10

NEW YORK, Feb. 26 (Xinhua) -- Oil prices fell on Friday amid a strong momentum in the U.S. dollar.

The West Texas Intermediate for April delivery shed 2.03 U.S. dollars to settle at 61.50 dollars a barrel on the New York Mercantile Exchange.

Brent crude for April delivery, which expired at the end of the trading session, decreased 75 cents to close at 66.13 dollars a barrel on the London ICE Futures Exchange. The more active May Brent crude dropped 1.69 dollars to 64.42 dollars.

The above moves came as the U.S. dollar strengthened broadly against its major rivals.

The dollar index, which measures the greenback against six major peers, surged 0.82 percent at 90.8690 in late trading on Friday. Historically, the price of oil is inversely related to the price of the U.S. dollar.

Market participants also awaited a key meeting by major oil producers.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed in January to keep most oil production curbs in place from February to the end of March. They are expected to discuss their future strategy next week.

For the week, the U.S. crude benchmark rose 3.8 percent, while Brent gained 5.1 percent.

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