Oil prices continued their decline, recording new losses for the third day in a row, under pressure from the rising dollar and fears of Chinese growth.
Brent crude futures fell 21 cents, or 0.3%, to $75.69 a barrel, and US West Texas Intermediate crude futures fell 14 cents, or 0.2%, to $71.06 a barrel by 00:43 GMT.
A strong dollar affects demand for oil because it makes a commodity priced in the greenback more expensive for holders of other currencies.
On the other hand, the market is still concerned about the faltering recovery in China, the world’s largest oil importer. In an effort to boost growth, Beijing yesterday cut its main loan interest rates for the first time in ten months.
The interest rate cut came on the heels of economic data showing that China’s retail and factory sectors are finding it difficult to maintain the momentum achieved earlier in the year following the abandonment of Corona restrictions.
