{"id":10589,"date":"2023-05-18T17:11:09","date_gmt":"2023-05-18T21:11:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-down-1-dialing-back-a-little-of-weeks-rally-on-resurgent-dollar\/"},"modified":"2023-05-18T17:11:09","modified_gmt":"2023-05-18T21:11:09","slug":"oil-down-1-dialing-back-a-little-of-weeks-rally-on-resurgent-dollar","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10589","title":{"rendered":"Oil down 1%, dialing back a little of week\u2019s rally on resurgent dollar\u00a0"},"content":{"rendered":"
\n

Investing.com — Oil markets fell 1% on Thursday, dialing back a little of the week\u2019s rally, as the dollar maintained its upward charge on expectations that a higher U.S. debt ceiling deal will be achieved soon.<\/p>\n

New York-traded West Texas Intermediate, or , crude settled down 97 cents, or 1.3%, at $71.86 per barrel after the previous session\u2019s drop of 3.2%. Week-to-date though, the U.S. crude benchmark remained up 2.6%.<\/p>\n

London-traded crude, the global benchmark for oil, settled down $1.10, or 1.4%, at $75.86. On Wednesday, Brent rose 3%. For the week, the global crude benchmark was up 2.3%.<\/p>\n

\u201cGood news for the economy is now bad news for the crude demand outlook as economic resilience will force the Fed to kill the economy,\u201d said Ed Moya, analyst at online trading platform OANDA. \u201cOil is becoming an easy trade, as it will track the dollar and not so much anything else.\u201d<\/p>\n

The hit a seven-week peak of 103.485 on Thursday amid optimism over a U.S. debt ceiling agreement being struck to avert a potential default before June 1.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil markets fell 1% on Thursday, dialing back a little of the week\u2019s rally, as the dollar maintained its upward charge on expectations that a higher U.S. debt ceiling deal will be achieved soon. New York-traded West Texas Intermediate, or , crude settled down 97 cents, or 1.3%, at $71.86 per barrel after […]<\/p>\n","protected":false},"author":1,"featured_media":2606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-10589","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil down 1%, dialing back a little of week\u2019s rally on resurgent dollar\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil markets fell 1% on Thursday, dialing back a little of the week\u2019s rally, as the dollar maintained its upward charge on expectations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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