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Oil prices decline on stronger greenback

Xinhua, August 31, 2016 Adjust font size:

Oil prices fell on Tuesday as a stronger dollar dented market sentiment as it made the dollar-dominated oil less attractive for holders of other currencies.

The U.S. dollar rallied against other major currencies on Tuesday as recent hawkish remarks from Federal Reserve officials raised market expectation for an interest-rate hike by year-end.

The dollar index, which measures the greenback against six major peers, was up 0.56 percent at 96.116 in late trading, the highest level in three weeks.

Oil prices also decreased on market concerns over the increasing Middle East crude output.

Iraq, which has exported more crude from its southern ports in August, will continue to ramp up output, its oil minister said on Saturday.

The West Texas Intermediate for October delivery lost 0.55 U.S. dollars to settle at 46.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.88 dollars to close at 48.38 dollars a barrel on the London ICE Futures Exchange. Enditem