Oil Ends Down 6% as Dollar Flies on Rate Hike Fears
Posted: Tue May 10, 2022 12:54 am
https://www.investing.com/news/commodit ... rs-2820746
By Barani Krishnan
Investing.com - Crude prices fell 6% on Monday as the dollar hit 20-year highs on U.S. rate hike fears that hammered the value of not just commodities priced in the currency but also other risk assets such as equities and cryptocurrencies.
Brent crude, the London-traded global benchmark for oil, settled down $6.45, or 5.7%, at $105.94 a barrel.
New York-traded West Texas Intermediate, or WTI, the benchmark for U.S. crude, settled down $6.68, or 6.1%, at $103.09.
By Barani Krishnan
Investing.com - Crude prices fell 6% on Monday as the dollar hit 20-year highs on U.S. rate hike fears that hammered the value of not just commodities priced in the currency but also other risk assets such as equities and cryptocurrencies.
Brent crude, the London-traded global benchmark for oil, settled down $6.45, or 5.7%, at $105.94 a barrel.
New York-traded West Texas Intermediate, or WTI, the benchmark for U.S. crude, settled down $6.68, or 6.1%, at $103.09.