Commodities
Crude Oil Prices Sink Amid Dollar Strength and Middle East Supply Buildup
The price of crude oil dropped by -0.16% on Friday, as the US dollar index rallied to a two-week high.
This comes amid signs of larger oil supplies leaving the Middle East, with Goldman Sachs reporting that oil exports from the Persian Gulf have risen to 15 million to 16 million bpd, about two-thirds of pre-war levels.
The Strait of Hormuz is also experiencing increased flows, with crude prices weakening on reports that Venezuela is considering leaving OPEC, which could lead to a price war among remaining cartel members.