Oil prices eased on Friday after two consecutive bullish sessions, with the “black gold” heading for big losses for the week.
A strong dollar and concerns about a global economic slowdown due to a sharp shift by central banks to tightening policies fueled pressure on oil prices this week.
Specifically, Brent lost $1.99 or 2% to $94.60 a barrel, while US WTI fell $1.83 or 2% to $88.67 a barrel. Both contracts are headed for losses of around 3.6% on the week.
A strong dollar makes oil more expensive for holders of other currencies. At the same time, concerns about the path of demand are rekindled due to concerns about the strength of the global economy as central banks proceed with successive increases in their interest rates to tackle inflation.
Source: Capital
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