By Laura Sanicola (Reuters) - Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant.
Investor caution ahead of remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium lifted the safe-haven dollar to a 10-week high, its biggest rise in a month, as markets waited for word on how long rates would stay high. A strong dollar makes oil more expensive for holders of other currencies, denting demand.
India's oil consumption growth has also slowed in recent months on high inflation and slowing global trade. The increase in the first seven months was equivalent to roughly 255,000 barrels per day , down from growth of 415,000 bpd in 2021/22.
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