Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74
1 month, 2 weeks ago

Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74

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Crude oil prices slid 2.5% on Wednesday, November 6, snapping a five-day winning streak, weighed down by a stronger US dollar as early reports suggested that Republican candidate Donald Trump is edging closer to securing a second term in the White House. Crude prices have experienced notable fluctuations in recent sessions, influenced by OPEC+'s decision to delay December production plans for the second time, escalating tensions in the Middle East, the upcoming U.S. Federal Reserve policy meeting decision, and signs of economic improvement in China, the world’s largest crude importer. Prices to remain volatile Rahul Kalantri, VP Commodities, Mehta Equities, said, "Crude oil prices experienced significant volatility last week, rebounding from earlier lows due to a decline in U.S. oil stocks and heightened geopolitical tensions. Looking ahead, Rahul Kalantri anticipates crude oil prices to remain volatile this week, influenced by fluctuations in the dollar index and ongoing geopolitical tensions.

History of this topic

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