In recent Asian trading, the oil market exhibited limited movement, a result of the prevalent strength of the dollar.
Global Growth Concerns and Market Dynamics Impact Oil Trends
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.
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.
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.