Oil price extends losses on higher dollar, US stock build
TOKYO (Reuters) – Oil futures slid on Wednesday, extending losses from the previous day, as a stronger U.S. dollar prompted fresh selling while data showing a build in U.S. crude stocks and Shanghai’s extended lockdown fuelled fears of slower demand.
Brent crude futures fell 97 cents, or 0.9%, to $105.67 a barrel, while U.S. West Texas Intermediate futures were down 98 cents, or 1.0%, to $100.98 a barrel at 0029 GMT. Brent fell 0.8% on Tuesday and WTI lost 1.3%.
“Higher dollar, an increase in U.S. crude stockpile and concerns over weaker demand in China due to Shanghai’s continued lockdown added to pressure,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
