New York, September 17 (Xinhua)-Friday oil prices fell under pressure from the stronger US dollar.
West Texas Intermediate, delivered in October, fell 64 cents and settled on the New York Mercantile Exchange for $ 71.97 a barrel. Brent crude, delivered in November, fell 33 cents and closed at $ 75.34 a barrel on the London ICE Futures Exchange.
The momentum of the US dollar squeezed the market. In the second half of Friday trading, the dollar index, which measures greenbacks against six major peers, rose 0.28% to 93.1881. Historically, the price of oil is inversely proportional to the price of the US dollar.
Based on last month’s contract, this week’s US crude oil benchmark rose 3.2% and Brent rose 3.3%.
Crude oil prices fall amid strong US dollar
SourceCrude oil prices fall amid strong US dollar