Oil Market Stagnates Amid Strong Dollar and Powell’s Speech Anticipation

In recent Asian trading, the oil market exhibited limited movement, a result of the prevalent strength of the dollar.

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Global Growth Concerns and Market Dynamics Impact Oil Trends

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The prevailing might of the dollar had a notable impact on the oil market. Exerting downward pressure and setting the stage for Powell’s address.

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Despite Thursday’s minor relief, the oil market poise for a second consecutive week of decline, signaling the conclusion of a rally that had persisted for the past two months.

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Amid these challenges, crude prices clung to a modest upward trajectory for the year. Attributable to impactful production cuts orchestrated by Saudi Arabia and Russia.

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