Arab News Headlines

Oil Prices Slip on Dollar’s Strength

Singapore: Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong US jobs data on Friday.

Brent crude futures and US West Texas Intermediate crude futures slipped 4 cents to $79.58 and $75.49 a barrel, respectively.

The markets are focused on the US Federal Reserve and Bank of Japan meetings this week.

Brent and WTI posted their third straight weekly loss last week on concerns that a plan to unwind production cuts by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, from October will add to rising global supply.

Source: Qatar News Agency