Dollar Strengthens As Crude Oil Prices Drift Lower

Oil dipped today as a stronger US dollar and progress in controlling wildfires in Canada’s crude-producing Alberta province dampened prices. US benchmark West Texas Intermediate for July delivery was down 20 cents at $47.88.

Brent North Sea oil, the European benchmark, for July delivery slid 29 cents at $48.06.

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Remarks by US Federal Reserve officials hinting at a June interest rate hike also pushed up the greenback against major currencies, pushing oil lower.

A stronger greenback weighs down oil prices, as it curtails demand by making the dollar-priced commodity more expensive.

Prices were also weakened this week by comments from Iranian officials who vowed to keep up oil production after the lifting of Western sanctions in January.

All eyes are now on the OPEC meeting in Vienna on June 2 where it is hoped an agreement to cut production can be reached.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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