Oil prices fell today, Friday, at $73.47 a barrel for Brent Crude Futures contracts, and US West Texas Intermediate crude futures recorded $68.80, heading towards a weekly decline.
“Recession fears are escalating again after central banks raised interest rates and hawkish Fed statements,” said CMC Markets analyst Tina Ting, adding that the dollar’s rise was also affecting oil prices.
The dollar appreciation, which rose 0.3% this week, could affect oil demand by making fuel more expensive for holders of other currencies.
Investors’ attitudes to many commodities, including oil and gold, are affected by dollar prices and the US Federal Reserve’s attitudes towards interest rate decisions, which significantly affect the trend movements towards buying other commodities by investors.
