Global oil price today May 23 Brent crude hits $64.11
According to the International Economics Desk of webangah News Agency, rising dollar values and expectations of increased crude oil production by the OPEC+ alliance pushed oil prices lower in Friday’s trading session.
North Sea brent crude dropped 33 cents (0.51%) to $64.11 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 34 cents (0.56%) to $60.86.
Brent has fallen 2% and U.S. crude has lost 2.7% over the past week.
The U.S. house of Representatives’ approval of tax legislation and spending cuts under Trump has strengthened the dollar index against other currencies.
Oil typically trades inversely to the dollar, as a stronger greenback makes purchases more expensive for holders of other currencies worldwide.
Another factor pressuring prices was a Bloomberg report about OPEC+ considering another major production hike at its June 1 meeting.
A 411,000-barrel-per-day output increase is among options being discussed by the alliance, though no final decision has been made yet.
The group had previously signaled plans to accelerate its production increases, according to Reuters reports.
Rising U.S. crude inventories have also weighed on oil prices this week.
