Wed, 21 Apr 2021

Oil prices retreat as U.S. dollar strengthens

Xinhua
02 Mar 2021, 08:05 GMT+10

NEW YORK, March 1 (Xinhua) -- Oil prices moved lower on Monday as the upward swing of the U.S. dollar continued.

The West Texas Intermediate for April delivery lost 86 cents to settle at 60.64 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 73 cents to close at 63.69 dollars a barrel on the London ICE Futures Exchange.

The dollar index, which measures the greenback against six major peers, increased 0.19 percent to 91.0406 in late trading on Monday, after surging 0.82 percent in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.

Market participants also awaited a key meeting by major oil producers.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed in January to keep most oil production curbs in place from February to the end of March. They are expected to discuss their future strategy when they meet on Thursday.

For the week ending Friday, the U.S. crude benchmark rose 3.8 percent, while Brent gained 5.1 percent.

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