Stock Advisory Company, Crude oil prices fall as US dollar firms
Oil prices fell on Wednesday, weighed down as the US dollar moved further away from three-year lows hit last week.
US West Texas Intermediate (WTI) crude futures were at $61.37 a barrel at 0144 GMT, down 42 cents, or 0.7 percent, from their last settlement. Brent crude futures had dropped 36 cents, or 0.6 percent, from their last close to $64.89 per barrel.
Wang Tao, the Reuters technical commodity analyst, said Brent could fall into a range of $63.92–$64.41 per barrel, as suggested by its wave pattern and a projection analysis.
Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies at home.
The dollar steadied against a basket of currencies on Wednesday, having pulled up from three-year lows set last week as traders shaved off some of the bearish bets against the US currency. “The US dollar continues to find a firmer footing,” said Stephen Innes, head of trading for Asia–Pacific at futures brokerage OANDA in Singapore.
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