Crude prices drop on stronger dollar

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SINGAPORE- Crude oil prices fell on Thursday as the US dollar strengthened after the US Federal Reserve signaled it might raise interest rates faster than expected, but losses were limited by a big drop in US crude oil inventories.

Brent crude oil futures dropped by 41 cents, or 0.6 percent, to $73.98 a barrel after reaching its highest since April 2019 in the previous session.

US crude oil futures fell by 39 cents, or 0.5 percent, to $71.76 a barrel, after reaching its highest since October 2018 the previous day.

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“Energy markets became so fixated over a robust summer travel season and Iran nuclear deal talks that they somewhat got blindsided by the Fed’s hawkish surprise,” said Edward Moya, senior market analyst at OANDA. — Reuters

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