Oil Dips as Demand Signs, Strong Dollar Leave Traders ‘Cautious’
- Some Asian refiners are considering cuts as margins shrink
- WTI retreats below $81 a barrel after its four-week rally
An oil drilling rig operates near Midland, Texas.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
Oil lost ground amid signs of tepid demand, with a stronger dollar and key technical measures also putting a lid on the commodity’s recent rally.
Some Asian refiners are considering cuts to crude-processing volumes as profit margins shrink, signaling softer oil demand in the region, while weakness in the global diesel market added to the concerns. The stronger dollar and lingering inflation also weighed on prices, with broader markets waiting to hear from Federal Reserve speakers this week.