Oil dips as dollar firms up and more rate hikes trigger demand concerns
Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns.
Brent crude futures fell 64 cents, or 0.8%, to $82.06 per barrel by 0730 GMT, while U.S. crude futures slid 73 cents, or 0.9%, to $76.55.
Both contracts fell as the dollar gained. A stronger dollar weakens oil demand as it makes the commodity more expensive for those holding other currencies.
Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips towards a possible recession.
