Oil Prices Ease as Strong Dollar, Market Selloff Weigh on Demand

Oil prices slipped on Wednesday amid a broader market slump and a stronger U.S. dollar, while traders assessed supply dynamics.

Brent crude fell 0.1% to $64.38 a barrel, and WTI dipped 0.17% to $60.46. The dollar hovered near a three-month high as fading expectations of a Fed rate cut dampened demand for risk assets.

“Crude is trading lower as risk sentiment turned sharply negative, boosting the safe-haven dollar,” said Tony Sycamore of IG.

Data from the API showed a rise in U.S. crude stockpiles, adding pressure to prices. Meanwhile, OPEC+ plans to increase output by 137,000 bpd in December, though analysts say the move is unlikely to support prices near term.