The U.S. dollar and oil prices are frequently inversely related due to the fact that oil is priced in dollars which makes it relatively more expensive to buy with other currencies.
Oil prices fell on Friday as investors worried that weakening global economic growth and tighter central bank monetary policy could curb a recovery in fuel demand.
Brent crude futures for July were up US$1.32, or 1.2%, at US$110.43 a barrel at 0700 GMT, after falling by more than US$1 earlier in the session
Oil prices edged up on Wednesday on expectations that easing COVID-19 restrictions in China will push up demand and as industry data showed drawdowns in U.S crude inventories. Brent crude was up 23 cents, or 0.2%, at US$112.16 a barrel at 0633 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 71 cents, or 0.6%, to […]
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the price of fuel saw increases on the local market, in response to the rise in prices on the international market.
slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia.
Brent crude futures slipped US$1.32, or 1.2%, to US$106.19 a barrel by 0646 GMT. WTI crude futures fell US$1.52, or 1.4%, to US$104.19 a barrel