Oil prices fall on strong dollar, fears of oversupply

Oil prices settled lower on Tuesday as weaker manufacturing numbers and a stronger dollar weighed on demand, while the OPEC+ decision to pause output hikes in the first quarter of next year could signal the group’s concern about a potential supply glut.

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Brent crude futures closed 45 cents, or 0.7% lower at $64.44 a barrel. US West Texas Intermediate (WTI) crude was down 49 cents, or 0.8%, at $60.56.

“Crude futures are feeling the pressure today from high US dollar valuation. The US stock market is also seeing a heavy downside correction in the early trade as the government shutdown may be beginning to add downside pressure, which could eventually hurt domestic fuel demand,” said Dennis Kissler, senior vice-president of trading at BOK Financial.