- Stable Dollars, US Rage Count Weighed on Weighted Measures
- Investors will be looking at the Fed’s policy meeting this week to look for clues
- U.S. Gulf oil production is slowly returning to market
LONDON, Sept. 20 (Reuters) – Oil prices fell more than $ 1 a barrel to $ 74 a barrel.
The US dollar, seen as a safe haven, has been fueled by concerns over China’s monopoly overcrowding equity markets and investors struggling to take further action against federal regulators this week.
“Far Eastern stock markets and strong dollar are affecting oil,” said oil broker PMM Tamas Varga. However, as long as all hell is gone, his positive emotions must prevail.
Brent’s confidence dropped earlier to $ 73.75 during the session, falling $ 1.27 or $ 1.7% to $ 74.07 at 0941 GMT. West Texas Intermediate (WTI) fell $ 1.33 or 1.9% to $ 70.64.
A stronger dollar makes the US dollar more expensive for other currency owners and generally reflects a higher risk, which is reflected in oil prices.
Brent gained 43% this year, with supplies from the Organization of the Petroleum Exporting Countries (OPEC) and partners and some demand recovery after last year’s pandemic.
Oil in the Gulf of Mexico in the United States has received additional support due to the recent two hurricanes, but as of Friday there were 23% offline or 422,078 barrels per day.
“American production in the Gulf of Mexico is slowly recovering due to hurricanes,” said Cartz Fritish, a commentator at Commerzbank.
Starting in April 2020, the first indicator of future results in the US X-ray census will also cover prices.
Return by Alex Lauller; More report from Sonali Paul in Melbourne, and Roslan Kassawneh and Kustav Santa in Singapore; Correction by Tom Hoge and Emelia Sithol-Matariz
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