Oil Dips With Stronger Dollar After Saudis Defend Output Hike - Bloomberg

Oil Dips With Stronger Dollar After Saudis Defend Output Hike - Bloomberg

WTI for May delivery fell 0.3% to $59.43 a barrel at 10:04 a.m. London time Brent for June dropped 0.5% to $62.91 a barrel

Oil dipped, weighed by a stronger dollar and after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output.

West Texas Intermediate futures gave up early gains to trade 0.5% lower, though prices remain within the $5 range they’ve been holding since mid-March. The dollar rose, making commodities priced in the currency more expensive.

Traders continue to await a potential recovery in consumption. While the roll out of vaccines is showing signs of boosting demand in places like the U.S. and U.K., cases continue to spread rapidly elsewhere. India, the world’s third-largest oil importer, posted a record number of cases this week while Japan is set to reimpose lockdowns in Tokyo, Kyoto and Okinawa.