Oil extends decline on signs of weak fuel demand, strong dollar

FILE PHOTO: Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration/File PhotoSINGAPORE : Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy.

Analysts expect the U.S. central bank to keep its policy rate at the current level for longer, supporting the dollar. A strong greenback makes dollar-denominated oil more expensive for investors holding other currencies. Still, the market remained supported by expectations that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, could extend supply cuts into the second half of the year.

Source: Financial Digest (financialdigest.net)

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