Oil falls amid demand concerns and strengthening dollar

Reuters, Tokyo
Thu Apr 20, 2023 01:12 PM Last update on: Thu Apr 20, 2023 04:37 PM

Oil prices were down in Asian trade on Thursday as the US dollar strengthened on rate-hike expectations and after recent economic data from the US and China did not do enough to encourage expectations that demand will improve.

Brent crude futures lost 78 cents or 0.94 per cent to trade at $82.34 a barrel. West Texas Intermediate crude (WTI) futures dropped 95 cents, or 1.20 per cent, to $78.21 as of 0615 GMT.

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Both benchmarks, declining for a second day after a 2 per cent fall on Wednesday, are at their lowest since OPEC+ announced its surprise production cut on April 2.