Friday May 20, 2022

Oil declines

January 31, 2018

Tokyo : U.S. oil slipped on Tuesday, extending losses into a second session, as a strengthening dollar sapped demand for crude, while rising U.S. output helped dampen prices.

U.S. West Texas Intermediate crude futures were 13 cents, or 0.2 percent, lower at $65.43 at 0027 GMT. On Monday, they fell 58 cents, or 0.9 percent, to $65.56 a barrel.

Brent crude futures, the global benchmark, were yet to trade. The contract for March delivery settled down $1.06, or 1.5 percent, at $69.46 a barrel on Monday. Prices are still heading for a fifth straight monthly gain.

The rally in oil prices had recently been fuelled by the U.S. dollar´s six straight weekly slides. The greenback is down 3 percent so far this month.

Oil is priced in the U.S. currency, so a falling dollar can boost demand for crude from buyers using other currencies.