Oil prices fall after the US dollar jumped to its highest level in 3 weeks

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Today, Monday, oil prices witnessed a decline, in continuation of the losses incurred on Friday, after the US dollar jumped to its highest level in three weeks.

US West Texas Intermediate crude futures were down 30 cents, or 0.4 percent, at $71.67 a barrel at 0059 GMT, after falling 64 cents on Friday, according to Reuters.

Brent crude futures also fell 27 cents, or 0.4 percent, to $75.07 a barrel, after falling 33 cents on Friday.

The drop in oil prices came as a result of better-than-expected US retail sales data, which reinforced expectations that the US Federal Reserve will begin to reduce asset purchases later this year.

Prices were also affected by the rise in the number of rigs in the United States, although nearly A quarter of US production in the Gulf of Mexico Still parked in the wake of two hurricanes.

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The post Oil prices fall after the US dollar jumped to its highest level in 3 weeks appeared first on Archyde.

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