Oil prices fall on demand concerns
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E-mail Xinhua, May 2, 2023
Crude oil futures prices dropped on Monday due to concerns over demand and strength in the U.S. dollar.
The West Texas Intermediate (WTI) for June delivery decreased by 1.12 U.S. dollars, or 1.46 percent, to settle at 75.66 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery lost 1.02 dollars, or 1.27 percent, to settle at 79.31 dollars a barrel on the London ICE Futures Exchange.
WTI oil declined amid demand concerns, said Vladimir Zernov, analyst with market information supplier FX Empire.
Oil remains heavy as crude demand concerns remain and as the U.S. dollar stages a comeback, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
The U.S. dollar saw solid gains on Monday following a better-than-expected manufacturing index released by the U.S. Institute for Supply Management on Monday morning.
The Federal Reserve is expected to raise federal fund rates again on Wednesday, which makes the U.S. economy more likely to experience a recession this year.
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