Oil prices fall on strong dollar, Brent near one-month low
Oil prices on Monday extended declines from the end of last week amid a wider market sell-off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.
Other markets dropped as investors were spooked by Friday’s payrolls report from the United States, which showed wages growing at their fastest pace in more than 8-1/2 years, fuelling inflation expectations.
Brent was down 68 cents, or 1 percent, at $67.91 a barrel at 0344 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop was 2.75 percent last week.
“Oil is caught up in this general risk-off move, not helped at the margins by a little bit of strength in the U.S. dollar,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney.