WTI Crude Oil Retreats On Firm Dollar

10 Oct 2022 , 12:03 PM

Crude oil futures retreated from last weeks rally towards one and half month high amid recovery in the greenback overseas. Report showed that the U.S. labor market remained resilient, giving the Fed enough space to keep tightening policy sharply as it struggles to combat inflation. Global economic recovery and overall demand concerns amid tightening monetary conditions are also weighing down the commodity. Sharp gains in benchmark treasury yields on expectations of further rate hike also propped up gains in the greenback. US treasury yields are holding at 3.88% while the dollar index that measures the greenback against a basket of currencies rebounded to 112 levels, having fallen to below 110 levels last week. WTI crude oil futures eased on Monday and are currently quoting down half a percent at $92.23 a barrel. Powered by Commodity Insights