Stronger dollar, easing Gaza tension weighed on the oil market
International benchmarks for crude oil settled lower on Friday, 22 March 2024 marking the third consecutive session of declining on the back of a stronger US dollar and the possibility of a Gaza ceasefire.
International benchmarks for crude oil settled lower on Friday, 22 March 2024 marking the third consecutive session of declining on the back of a stronger US dollar and the possibility of a Gaza ceasefire.
The fall, however, was cushioned by lower rig counts in the US and the continued conflict in Eastern Europe that threatened supply from Russia.
Brent futures decreased by 35 cents to settle at $85.43/barrel.
WTI fell by 44 cents to settle at $80.63/barrel.