empty
 
 

2021.06.1719:12:00UTC+00Oil Futures Settle Lower

Crude oil prices tumbled on Thursday, weighed down by a stronger dollar.

The greenback strengthened against other major rivals after Federal Reserve officials projected on Wednesday that interest rates might be hiked hiked by 2023.

The dollar index rose to a two-month high at 92.01 a little past noon, and despite paring some gains subsequently, was still fairly high up at 91.83, gaining 0.77% from Wednesday's close.

The yield on 2-year U.S. Treasury Notes rose to one-year high.

The projection by Federal Reserve officials that interest rates may be hiked by 2023, a year earlier than expected,

West Texas Intermediate Crude oil futures for July ended down by $1.11 or about 1.5% at $71.04 a barrel.

Brent crude futures were down $1.23 or 1.65% at $73.16 a barrel a little while ago.

Data released by U.S. Energy Information Administration (EIA) on Wednesday that showed crude stockpiles fell by 7.36 million barrels last week helped limit oil's downside. The drop in inventories was much more than an expected decline of about 2.5 million barrels.

  • 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