ANKARA – Oil prices dipped on Wednesday amid concerns over China’s economic growth and the strength of the US dollar. The international benchmark crude Brent traded at $77.68 per barrel at 0723 GMT, a 0.77% decrease from the closing price of $78.29 a barrel in the previous trading session on Tuesday. The American benchmark, West Texas Intermediate (WTI), traded at the same time at $71.85 per barrel, down 0.92% from Tuesday’s close of $72.52 per barrel. The US dollar’s strength, following the Federal Reserve’s hints at less aggressive interest rate cuts, has made oil more expensive for buyers using other currencies, potentially dampening demand.
Oil down over strong US dollar
