Oil prices slide on US rate jitters, strong dollar
Investing.com-- Oil prices fell in Asian trade on Monday, reversing course from last week’s gains as fears of higher-for-longer U.S. interest rates and a stronger dollar weighed on crude markets.
But they were still trading well off highs hit earlier in April, as an Israel-Iran war failed to materialize, while weak U.S. economic data raised concerns over slowing demand.US rate fears grow on sticky inflation, Fed anticipationFears of higher-for-longer U.S. interest rates factored into concerns that oil demand will weaken later this year, especially as economic growth weakens. This notion was furthered by weaker-than-expected U.S. growth data last week.
The specter of geopolitical tensions and potential supply risks in oil markets still remained in play. Attacks on Russian refineries factored into bets on tighter supplies, especially as Russia announced more production and export cuts earlier this year.
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