Crude prices fall as greenback gains

On Tuesday, crude prices dipped amid a strengthening greenback. However, losses were compensated by a drawdown in American crude as well as gasoline stockpiles.      

Brent crude futures lost 14 cents, trading at $48.21 per barrel, having closed down 37 cents in the last trading session. As for US crude futures, they edged down 8 cents, being worth $48.00 a barrel. Both contracts had closed with moderate losses for a fourth straight session.

On Tuesday, the dollar index managed to soar against six major currencies, as market participants kept factoring in an increased chance of an approaching US interest rate.  

A stronger evergreen buck traditionally makes greenback-priced commodities less affordable for holders of other currencies.

There's a definite face-off between traders and investors now. Investors naturally see value exactly in the market. They’re met by traders seeing the market at the top of the trading range.  It caused volatile trades in the previous session with crude dropping by approximately $1 before compensating much of the day’s losses.   

Scroll to top