Brent Oil Drifts Lower from $98 on Strong U.S. Dollar

Brent crude dropped towards $98 per barrel on Thursday, pressured by a stronger dollar on fears about a looming U.S. interest rate increase and a steep spike in U.S. crude stocks.

Poor demand and abundant supplies have pushed down the oil benchmark to a 26-month low earlier this week, and have kept it below $100 for more than a week.

Brent crude for November delivery was down 50 cents lower at $98.37 a barrel by 0321 GMT. The October U.S. crude contract fell 63 cents to$93.79.

CNBC

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