Brent Crude Falls 3 Percent on Demand Concerns, Strong Dollar
LONDON—Brent crude oil fell 3 percent on Thursday as expectations of weaker demand and a strong U.S. dollar ahead of a potentially large interest rate increase outweighed supply concerns.
The International Energy Agency said this week oil demand growth would grind to a halt in the fourth quarter. The dollar held near recent peaks, supported by expectations the U.S. Federal Reserve will continue to tighten policy.
Brent crude was down $2.72, or 2.9 percent, to $91.38 a barrel at 1342 GMT. U.S. West Texas Intermediate crude fell $1.63, or 1.8 percent, to $86.85.
“There are many forces dictating the price action in oil markets right now, with economic uncertainty right up there,” said Craig Erlam of brokerage OANDA. “The stronger dollar is potentially another headwind.”…