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34m ago

Oil Slips as Risk-Off Selling and Stronger Dollar Pressure Prices

A three-month high for the dollar, coupled with an API-reported 6.52 million-barrel U.S. crude build, stokes concern over fuel demand.

An aerial view shows the oil tanker named Boracay (also called Pushpa), a vessel being investigated by French authorities and suspected of belonging to the so-called "shadow fleet" involved in the Russian oil trade, off the coast of the western France port of Saint-Nazaire, France, October 2, 2025. REUTERS/Stephane Mahe/File Photo
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Overview

  • Brent traded near $64 and WTI hovered around $60 in early Wednesday dealings after extending the prior session’s losses.
  • Equities fell in Asia following a tech-led slide on Wall Street, reinforcing a broader risk-off tone that weighed on energy markets.
  • The dollar strengthened to recent highs as investors reassessed Federal Reserve policy prospects, making dollar-priced crude costlier for other currency holders.
  • OPEC+ confirmed a 137,000 barrels-per-day increase for December and a pause on further hikes in the first quarter of 2026.
  • Analysts said the policy pause is unlikely to support prices in November and December, noting OPEC’s October output rose only about 30,000 bpd due to declines in Nigeria, Libya and Venezuela.