Crude Oil Retreats from Multi-Year Highs
Crude oil prices slipped on Friday, extending declines in the previous session as the dollar strengthened after the US Federal Reserve signaled it might raise interest rates as soon as 2023. Demand worries also resurfaced after new coronavirus cases jumped in Britain, while supply concerns over the return of Iranian barrels also weighed on the market. On the supply side, OPEC+ recently agreed to keep to their plan to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals. On Thursday, Brent crude futures fell $1.31, or 1.8%, to settle at $73.08 a barrel, while WTI crude fell $1.11, or 1.5%, to settle at $71.04.
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