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Oil prices slowed down on the weakening dollar

MOSCOW, June 22 – PRIME. World oil prices on Wednesday evening slowed down the rate of decline due to the weakening of the dollar against world currencies, trading was influenced by the words of the head of the Federal Reserve Jerome Powell about inflation, according to trading data.

The dollar lost 63 kopecks, the euro rose by 17 kopecks

As of 19.27 Moscow time, the price of August futures for Brent crude fell by 2.8%, to $111.44 per barrel, August futures for WTI — by 3.1%, to $106.12.

Earlier in the course of trading, the fall in oil prices reached at the moment approximately 6.5% and 7%, respectively. Oil quotes are held back by concerns about a possible recession in the global economy. Thus, world central banks are more inclined to raise key rates against the backdrop of high inflation, which may affect the state of the world economy and, consequently, the demand for energy resources.

The fall in oil prices slowed down amid a weakening dollar and a speech by US Federal Reserve Chairman Jerome Powell. The head of the regulator noted the risks of high inflation, adding that the US economy is “very strong” and the Fed has good opportunities for a tighter monetary policy.

The dollar index (the exchange rate against a basket of currencies of six countries – US trading partners) fell by 0.38%, to 104.04 points. The depreciation of the dollar supports the cost of commodities, including oil, which in this case become more accessible for purchase in another currency.

Investors also expect the publication on Thursday of weekly statistics from the US Department of Energy on oil reserves. Analysts believe that commercial oil stocks in the country for the week to June 17 fell by 1.4 million barrels after rising by 2 million a week earlier.

Source: 1prime

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