Oil prices fell in Asian morning trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve.
Brent crude futures lost 80 cents or 0.96% to trade at $82.32 a barrel. West Texas Intermediate crude futures dropped 69 cents or 0.87% to $78.47 as of 0302 GMT.
"WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note. "The strong USD weighed on oil markets this week as odds for the Fed to continue rate hikes strengthened as bond yields started climbing again," Tina Teng, an analyst at CMC Markets in Auckland, said in an email.
"This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil...[while] the market shrugged off a relatively bullish EIA inventory report," ANZ Research said in a client note.
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