Oil Prices Extend Losses Due to Strong US Dollar | HNGN [Video]

Global oil prices fell on Monday (Feb. 26), extending the losses on market views that higher-than-expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.

Brent crude futures fell $0.39, or 0.5%, to $81.23 a barrel by 10:01 UTC, while US West Texas Intermediate crude futures (WTI) were down $0.34, or 0.4%, at $76.15. The dip extended losses registered last week, when Brent lost about 2%, and WTI fell more than 3% on signs that the US Federal Reserve is not in a hurry to cut interest rates, Reuters reported.

According to independent analyst Tina Teng, sentiment appeared focused on higher-for-longer interest rate expectations that lifted the US dollar and pressured commodity prices, which meant that a stronger dollar would make oil more expensive for buyers holding other currencies.

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