Crude oil futures fell. After its initial gains, WTI recently fell $ 77, while Brent crude oil is close to $ 84, driven by the appreciation of the dollar.
At 00:40 Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in November. It was trading on the NYMEX minus $ 1.92, or 2.44%, at $ 76.82 a barrel. Brent crude oil was down $ 2.00, or 2.32 percent, to $ 84.15 a barrel.
However, the appreciation of the dollar will reduce the attractiveness of the contract. making oil contracts more expensive for holders of other currencies.
Furthermore, oil prices were also affected by fears that an accelerated rate hike by the Federal Reserve (Fed) would lead the economy to face a recession. and influence the demand for oil
However, oil prices continued to be supported by the tense conditions in the oil market. and concerns over Russian President Vladimir Putin’s announcement to mobilize 300,000 troops to escalate the war with Ukraine.
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