Oil retreats from multi-month highs as a strong dollar hurts demand

Early on Wednesday in Asian trading, oil prices began to decline as traders withdrew some of their capital following two sessions in which benchmarks surged to multi-month highs, dampening investor demand due to a stronger dollar.

May delivery of Brent oil futures dropped 19 cents, or 0.2%, to $87.19 per barrel. The April delivery of U.S. West Texas Intermediate futures, which settle on Wednesday, saw a drop of 35 cents, or 0.4%, to $83.12 per barrel

According to them, oil shipments from Russia’s western ports would reach 2.22 million barrels per day in March, up about 260,000 barrels per day from the initial monthly projection. The U.S. Energy Information Administration is expected to release official stockpile numbers on Wednesday at 1430.

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