Oil Prices Decline Amid Dollar Strength By Reuters

Oil Prices Decline Amid Dollar Strength By Reuters
Oil Prices Decline Amid Dollar Strength By Reuters


Posted May 19, 2023 04:43

(Reuters) – Oil prices fell slightly in early Asian trading on Friday, as optimism that a US default could be avoided was offset by high inflation data that could warn central banks around the world are heading to raise interest rates.

Brent two-year crude futures fell to $75.84 a barrel by 0015 GMT. US West Texas Intermediate crude also fell 10 cents, or 0.043 percent, to $71.76.

US President Joe Biden and House Speaker Kevin McCarthy earlier this week reaffirmed their intention to reach an agreement soon to raise the $31.4 trillion federal debt ceiling, and agreed to hold talks by Sunday.

Among the factors weighing on the markets is the continued high inflation data and hawkish comments from central banks around the world.

Government data on Friday showed that core consumer prices in Japan rose 3.4 percent in April on an annual basis.

It also appears that inflation in the United States is not declining fast enough to allow the Federal Reserve (the US central bank) to halt its moves to raise interest rates, according to two federal policymakers.

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(Prepared by Marwa Gharib for the Arabic Bulletin)

Written by: Reuters

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