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Oil prices drop on higher dollar in volatile week

Mount Equity Group Tokyo, Japan > News > Markets > Oil prices drop on higher dollar in volatile week

A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

  • OPEC trims oil demand outlook for end of 2021
  • Brent, WTI both on track for a weekly loss as dollar firms

SINGAPORE, Nov 12 (Reuters) – Oil prices slipped on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation.

U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.7%, to $81.01 a barrel at 0509 GMT, reversing Thursday’s 25 cent gain.

Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel.

“The greenback may hold its strength until the expectation of a more hawkish Fed is fully digested by the market, which may not be sooner than mid-2022. Before that happens, a strong dollar can be a possible headwind for higher oil prices,” said Leona Liu, analyst at…

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