Risk aversion and dollar strength cause oil to decline 2%

Sreeja21 Oct, 2022Business

On Monday, oil prices plummeted 2% as investors became more risk apprehensive, hurting stock markets and strengthening the U.S. dollar, making oil more expensive for holders of foreign currencies. After falling to a session low of $73.52, Brent crude slid $1.42, or 1.9 percent, to end at $73.92 per barrel. After falling as low as $69.86, U.S. West Texas Intermediate (WTI) fell $1.68, or 2.3 percent, to settle at $70.29.