Brent crude eases as strong dollar weighs; outlook remains uncertain

Brent crude oil futures dipped to around $76.10 per barrel on Monday, breaking a five-day streak of gains, as a strong US dollar exerted pressure on the dollar-denominated commodity.

Brent crude eases as strong dollar weighs; outlook remains uncertain

The dollar remained near a two-year high as traders awaited US economic data that could shape the Federal Reserve’s interest rate decisions. Last week, oil prices rose by over 3%, driven by expectations of more stimulus from China, increased demand due to cold weather in Europe and the US, and declining US stockpiles. On the supply side, Goldman Sachs predicted that Iran’s oil production and exports would fall by the second quarter due to anticipated policy changes and tighter sanctions under President-elect Trump.

Oil market faces uncertainty over supply and demand

The oil market faces uncertainty, with concerns over a potential supply glut, the revival of OPEC+ production, and weaker demand from China.