adminSINGAPORE — Brent crude dropped towards $98 a barrel yesterday, pressured by a stronger dollar due to the fear about a looming US interest rate increase and a steep spike in US crude stocks.
Poor demand and abundant supply pushed down the oil benchmark to a 26-month low earlier this week, and have kept it below $100 for more than a week.
Brent crude for November delivery was down 50c lower at $98,37 a barrel by 3.21am GMT. The October US crude contract fell 63c to $93,79.
“There’s nothing to push it higher. The dollar is getting stronger and the overall market is weak with high inventories,” Mitsubishi Corp oil risk manager Tony Nunan said. – Reuters.
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