Oil prices drop as U.S. dollar jumps-Xinhua

Oil prices drop as U.S. dollar jumps

Source: Xinhua| 2022-06-11 05:01:00|Editor:

NEW YORK, June 10 (Xinhua) -- Oil prices fell on Friday amid strength in the U.S. dollar.

The West Texas Intermediate for July delivery lost 84 cents, or 0.7 percent, to settle at 120.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 1.06 dollars, or 0.9 percent, to close at 122.01 dollars a barrel on the London ICE Futures Exchange.

Oil prices came under pressure as the greenback jumped after data showed U.S. consumer inflation came in hotter than expected in May.

The dollar index, which measures the greenback against six major peers, surged 0.88 percent to 104.1440 in late trading on Friday, following a 0.68-percent rise in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.

For the week, the U.S. crude standard rose 1.5 percent, while Brent climbed 1.9 percent, based on the front-month contracts.

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