Oil prices fall amid strengthening of dollar, statistics from China

Global oil prices fell on July 10 afternoon against the background of the dollar appreciation and weak macroeconomic statistics from China, Report informs referring to the auction data.

The price of September futures for Brent crude fell by 0.68% to $77.94 per barrel, August futures for WTI decreased in price by 0.74% to $73.31.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.15% to 102.43 points, the dollar rose by 0.26% against the yen. A stronger dollar is dampening demand for commodities, including oil, making them less affordable to buy in other currencies.

The trading is also affected by macro statistics from China, one of the largest consumers and importers of oil. Annual inflation in the country turned out to be zero in June, while consumer prices were predicted to rise by 0.2%.