Oil prices shed 5% as dollar strengthens

2022-07-05 15:23:29 GMT (

Oil prices lost 5% in European trade on track for the first loss in three days as the dollar climbs against a basket of major rivals. 


Prices are also pressured by global recession concerns, threatening more weakness in fuel demand. 


Global Prices


US crude tumbled 5.1% to $104.88 a barrel, while Brent swooned 4.5% to $108.85 a barrel. 


US crude rose 1.9% on Monday, while Brent added 2.2%, the second profit in a row on global supply shortage concerns. 


US Dollar


The dollar index rose over 1.2%% on Tuesday, the third session of profits in a row, marking a 20-year high at 106.42 against major rivals. 


A stronger dollar weighs on commodity prices as they become costlier to holders of other currencies. 


Global Recession 


More and more analysts predict a global recession this year as inflation grips the world and consumer demand tumbles, hurting oil prices. 

More News

Risk Disclaimer : Economies would like to remind you that the data provided in this site is not necessarily in real time or accurate. All stock prices, indices, futures and foreign exchange rates are not provided by exchanges but by market makers, so prices may not be accurate, may differ from the price of the actual market, which means that the quotes represent an indication and are not suitable for commercial purposes. Therefore Economies does not assume any responsibility for any business losses that may be incurred as a result of the use of this data.