Oil lower on firm dollar, market shrugs off Russian supply cuts
Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia’s plans to deepen oil supply cuts.
West Texas Intermediate US crude futures (WTI) traded at $76.09 a barrel, 23 cents, or 0.3 per cent lower, while Brent crude futures were down 30 cents, or 0.36 per cent, at $82.86 a barrel at 0411 GMT.
Both benchmarks closed more than 90 cents higher on Friday.
The dollar hovered near a seven-week peak on Monday after a slew of strong US economic data reinforced the view that the Federal Reserve will have to raise interest rates further and for longer.
