Global oil prices fall amid strengthening dollar

Global oil prices fell on February 11 morning under pressure from a more expensive dollar, Report informs.

The price of April futures for Brent crude fell by 0.37% to $91.07 per barrel, March futures for WTI fell by 0.23% to $89.67.

On February 11 morning, the oil market saw negative dynamics, which was facilitated by a strong dollar, whose index (the rate against a basket of currencies of six countries - the main US trading partners) increased by 0.45%, to 95.98 points.

Such a rally in the market of the US currency was facilitated by data on record inflation since 1982 in the US. Thus, consumer prices in the country in January accelerated growth in annual terms to 7.5% from 7% a month earlier, and only in January they rose by 0.6%.

High inflation is likely to push the US Federal Reserve to raise the base interest rate sooner, which is positive for the national currency.

A hot inflation report pushed the dollar higher, which led to lower prices for commodities, including oil, Oanda analysts commented on the situation to the Wall Street Journal.