Oil Prices Decline Amidst Strong Dollar and Demand Pressures

In international markets, oil prices have fallen under the pressure of a strengthening US dollar and a gloomy demand outlook. Brent crude on ICE dropped by 0.40%, decreasing by 20 cents to $71.99 per barrel, while West Texas Intermediate fell by 0.48%, down by 32 cents to $68.08. In a note, Swissquote Bank's senior analyst Ipek Özkardeskaya stated, "The US dollar index has reached its highest levels in the past year. Clearly in the overbought market territory." Concerns over weakening demand in China's status as the largest crude oil importer continue to affect the atmosphere. The IEA expects that the country's oil demand increase this year will be only one-tenth of the 1.4 million barrels per day increase seen in 2023. Earlier this week, OPEC revised its demand growth forecast for China down to 450,000 barrels per day for this year and 310,000 barrels per day for next year.