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    Forex News from New Forex: The US dollar puts pressure on oil

    Today oil keeps negative dynamics like yesterday, most investors prefer to fix their weekly profit. WTI tumbled 1.27% to $49.92 a barrel, Brent slid 1.14% to $51.36. Oil prices decline due to the increase of the US dollar, positive data on jobless claims boosted the US currency. The growth of the US dollar makes import of crude oil more expensive for holders of other currencies. However, in the short term the black gold will advance due to low output in Nigeria, wildfires in Canada and production cut in the USA.

    Asian markets closed with the downward trend today. The strong dollar puts pressure on commodity prices. The Australian index ASX 200 shed 0.92%, subindexes of financial, energy and commidity companies face pressure.

     The US dollar puts pressure on oil

    NewForex Analyst

    Luigi Campo

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