• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

U.S dollar strength causes oil prices to drop  

Olumide Adesina by Olumide Adesina
September 20, 2021
in Commodities, Markets
Oil up but Set to Close the Week With its largest Weekly Loss Since March, Dow retreats while tech leads amid drop in oil price

Dawn over petroleum pump.

Share on FacebookShare on TwitterShare on Linkedin

The United States dollar rose to a three-week high on Monday, extending crude oil losses from Friday, while the U.S. rig count rose, despite nearly a quarter of Gulf of Mexico output remaining offline as a result of two hurricanes.

At the time of writing this, West Texas Intermediate (WTI) crude futures were trading near $72 a barrel, down 64 cents from Friday’s level.

On Friday, Brent crude futures fell by 0.6%, breaching $75 a barrel for the first time.

RelatedStories

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025

Following better-than-expected retail sales data in the U.S, oil fell and the greenback increased to a three-week high.

As a result, expectations grew that the Federal Reserve may begin to reduce its asset purchase program later in the year.

There may be some consolidation in WTI crude over the next few trading sessions, depending on how the dollar is trading.

Holders of currencies other than the dollar are adversely impacted by the strength of the dollar, making U.S. dollar-priced oil more expensive.

In addition, the number of U.S. oil rigs rose, keeping prices in check. On Friday, Baker Hughes reported that the number of oil and gas rigs rose by nine to 512 in the week ending Sept. 17, its highest level since April 2020 and double what it was at this time last year.

On Friday, 23% of Americans reported being unable to pay their bills. According to the Bureau of Safety and Environmental Enforcement, Gulf of Mexico crude production remained at 422,078 barrels per day.

As economies have recovered from the pandemic, oil prices have rebounded worldwide, especially natural gas, leading some analysts to predict a switch from oil to natural gas. In Asia, demand for diesel is expected to increase during winter, and power generation in the U.S. could increase.

Tags: crude oil
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu
Digital Media

Oil Down, Dollar Weak, Naira Up: Why Nigeria’s Markets Are Defying the Odds – Drinks & Mics Ft. Chika Mbonu

June 28, 2025
Nigerian oil market faces headwinds amid unsold oil cargoes
Energy

Nigerian oil market faces headwinds amid unsold oil cargoes

April 25, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

Brent and Nigerian oil blends stage recovery above $65 per barrel, eye $70

April 20, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude oil price rises above $74 amid U.S. sanctions, trade war concerns 

March 28, 2025
Nigeria records N1.3 trillion foreign trade surplus in Q2 2023 – Report
Economy

Nigeria’s top 10 foreign trade partners in 2024 

March 14, 2025
crude oil
Energy

Global oil prices surge on Monday as Trump’s tariffs spark supply fears 

February 3, 2025
Next Post
Nayib Bukele

Bitcoin: El Salvador buys the dip again, now holds 700 BTC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • The case for investing in Africa’s creative infrastructure 
  • Cholera outbreak kills 12, more than 230 hospitalized across LGAs in Niger State
  • FG targets 2 million jobs through construction of 77,400 housing units nationwide 

Follow us on social media:

Recent News

The case for investing in Africa’s creative infrastructure 

The case for investing in Africa’s creative infrastructure 

July 23, 2025
Cholera outbreak

Cholera outbreak kills 12, more than 230 hospitalized across LGAs in Niger State

July 23, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics