Oil prices fell in early Asian trading on Wednesday, affected by the rise in the dollar, which contributed to curbing investors’ appetite, especially after the two benchmark crude oils rose to their highest levels in several months during the past two sessions.
Brent crude futures for May delivery fell 19 cents, or 0.2 percent, to $87.19 a barrel by 0104 GMT. US West Texas Intermediate crude futures for April delivery, which expire at settlement on Wednesday, fell 35 cents, or 0.4 percent, to $83.12 per barrel.
The dollar rose for the fifth session in a row after the release of data indicating the resilience of the US economy, which affected the morale of Asian buyers. A stronger dollar makes oil more expensive for holders of other currencies, weakening demand.
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