NEW YORK: Oil prices fell about 2% on Monday (Oct 2) to a three-week low as a higher-priced Brent contract expired, the US dollar strengthened and tra...
An analyst says the global outlook is taking a turn for the worse and that is both driving the king dollar trade again and weighing on the crude demand outlook. – AFPpicOil prices fell about 2% on Monday to a three-week low as a higher-priced Brent contract expired, the US dollar strengthened and traders took profits, concerned about rising crude supplies and pressure on demand from high interest rates.
Analysts said some traders took profits after crude prices rose nearly 30% to 10-month highs in the third quarter. On Monday, the US dollar rose to a 10-month high against a basket of other currencies after the US government avoided a partial shutdown and economic data fuelled expectations the US Federal Reserve will keep rates higher longer, which could slow economic growth.
In Europe, manufacturing data showed the eurozone, Germany and Britain remained mired in a downturn in September.
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