Oil lower on firm dollar, market shrugs off Russian supply cuts
Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts, News.Az reports citing Reuters.
West Texas Intermediate U.S. crude futures (WTI) traded at $76.09 a barrel, 23 cents, or 0.3% lower, while Brent crude futures were down 30 cents, or 0.36%, at $82.86 a barrel at 0411 GMT.
Both benchmarks closed more than 90 cents higher on Friday.
The dollar hovered near a seven-week peak on Monday after a slew of strong U.S. economic data reinforced the view that the Federal Reserve will have to raise interest rates further and for longer.
A firm dollar makes commodities priced in the U.S. currency more expensive for holders of other currencies.