empty
 
 

2021.06.0810:12:00UTC+00Oil Extends Losses As Dollar Steadies

Oil prices extended losses on Tuesday as the dollar rose with Treasuries on inflation worries and concerns about Fed tapering. Optimism about strong demand recovery helped capped the downside to some extent.

Benchmark Brent crude futures dipped 0.6 percent to $71.10 per barrel, after having declined 0.6 percent on Monday as data showed China's crude imports were down 14.6 percent in May on a yearly basis. U.S. crude futures were down 0.6 percent at $68.84.

The dollar strengthened as investors looked ahead to the release of key U.S. inflation data due on Thursday for clues on when the Federal Reserve may begin to talk about tapering its asset purchases.

A stronger greenback makes crude more expensive for buyers with other currencies.

Traders also seemed to be weighing the prospects of Iranian oil coming into the market. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback