Oil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks.
Brent crude futures were down $1.12, or 1.4%, to trade at $82.00 a barrel at 0819 GMT. West Texas Intermediate crude futures dropped $1.02, or 1.3%, to $78.14 a barrel.a surprise OPEC+ production cutThe U.S. dollar index has moved up around 0.3% this week so far, on course for its strongest week since late February. A strengthening greenback makes oil more expensive for holders of other currencies.
On the other side of the Atlantic, persistent double-digit inflation in Britain has bolstered expectations of a furtherMeanwhile, U.S. crude stockpiles fell by 4.6 million barrels as refinery runs and exports rose, while gasoline inventories jumped unexpectedly on disappointing demand, according to the U.S. Energy Information Administration . ,
The crude stockpile decline was far steeper than analysts' and the American Petroleum Institute's estimates., despite Moscow's pledge to cut output, trading and shipping sources said.for discounted Russian crude under a new deal which could cover 100,000 barrels per day, the country's petroleum minister said.Thomson Reuters
Writes about the intersection of corporate oil and climate policy. Has reported on politics, economics, migration, nuclear diplomacy and business from Cairo, Vienna and elsewhere.
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