Oil prices decline amid the rise of the dollar and economic concerns



on September 29, 2022 | Time 10:46 am

Written by: Maha Ahmed

I retreated oil prices In the early Asian dealings, as the power of dollar And economic problems on optimism about consumer demand.

Brent crude futures fell 37 cents, or 0.4%, to $88.95 a barrel, while US crude futures fell 38 cents, or 0.46%, to $81.77. The two benchmarks witnessed a rise in the previous two sessions amid trading volatility, after they reached their lowest level in 9 months this week.
The dollar value index witnessed an upward trend this morning, after hitting a new two-decade high against a basket of currencies on Wednesday before retreating.

A strong dollar reduces the demand for oil by making it more expensive for buyers who use other currencies
The Bank of England said it was committed to buying as many long-term government bonds, known as gold bonds, as needed between until October 14, to stabilize its currency after the British government’s budget plans announced last week caused the pound to fall.
Goldman Sachs lowered its forecast for oil prices for 2023, due to expectations of weak demand and a stronger US dollar, but said that the global disappointment with supplies reinforced its expectations for the long-term upside.

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