US dollar rises on week, stagflation concerns bump recovery China reimposes temporary lockdown Sentiment supported by peak driving season Crude oil futures were down in mid-morning Asian trade June 10, facing headwinds from a stronger US dollar and stagflation concerns, but sentiment remained supported from steady demand during peak driving season.
At 10:42 am Singapore time (0242 GMT), the ICE August Brent futures contract was down 95 cents/b (0.77%) from the previous close at $122.12/b, while the NYMEX July light sweet crude contract fell 91 cents/b (0.75%) at $120.60/b. The ICE US Dollar Index was trading at 103.25 at 10:34 am Singapore time (0234 GMT) June 10, up from 103.218 June 9. A stronger dollar results in dollar-denominated assets like oil futures becoming less attractive to investors holding foreign currencies. “After shaking off the […]