The price of a barrel of American West Texas Intermediate (WTI) grade fell 46 cents to $88.50. Market observers explain the slight decline in oil prices with the current development of the US dollar. After heavy price losses in the past week, the US currency was able to recover somewhat in the morning. It rose against all other major currencies. A stronger dollar makes dollar-traded crude oil more expensive in non-dollar countries, slowing demand and weighing on prices.
The exchange rate development on the foreign exchange market has recently overshadowed the expectations of easing the corona measures in China, according to the market. In the past week, reports that the Chinese government would relax its strict corona regulations had given a boost to oil prices.
Source: Nachrichten
