Oil Drops On Strong USD and Ukraine Turmoil

Brent crude oil futures briefly slipped below $109 on Thursday, pressured by a higher dollar, boosted by worries about escalating turmoil in Ukraine.

The tensions there kept the dollar at two-week highs, weighing on dollar-denominated commodities such as oil.

Brent crude was down 48 cents at $109.04 a barrel by 1415 GMT, recovering from an intraday low of $108.80. It settled almost unchanged overnight.

U.S. oil was up 4 cents to $102.63 a barrel, after ending 76 cents higher the previous session.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza