Oil futures extend a retreat that's seen the U.S. benchmark slip back below $80 a barrel.
Oil futures, dogged by a rising dollar and recession fears, extended a pullback that’s taken the U.S. benchmark back below the $80-a-barrel threshold, denting gains scored after OPEC+ announced surprise production cuts earlier this month.
Price actionMarket drivers Crude surged in early April, leaving a large upside gap on the daily charts, after Saudi Arabia and its OPEC+ allies announced cuts of around 1.15 million barrels a day beginning in May and running through the end of the year, while Russia said... Oil futures, dogged by a rising dollar and recession fears, extended a pullback that’s taken the U.S.
Price action Market drivers Crude surged in early April, leaving a large upside gap on the daily charts, after Saudi Arabia and its OPEC+ allies announced cuts of around 1.15 million barrels a day beginning in May and running through the end of the year, while Russia said it would extend cuts of 500,000 barrels a day through year-end.
Crude has stumbled this week, with a rebound by the U.S. dollar and concerns that tightening by the Federal Reserve and other major central banks could spark a global downturn or recession exerting downward pressure. The ICE U.S. Dollar Index DXY , a measure of the currency against a basket of six major rivals, has bounced around 0.3% this week. A stronger dollar makes commodities priced in the unit more expensive to users of other currencies.
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