Brent corrects as the dollar rallies

Oil
March 2, 2021

Brent prompt future contract corrected lower, at 63 $/b, as demand-side worries emerged. The US dollar continued strengthening also lowered crude prices. Finally, the anticipation of an OPEC supply hike appears increasingly certain, potentially pushing crude oil in a market with limited refining demand thanks to the slow recovery of Texan refineries and slowing demand in Asia due to turnaround season.

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