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Oil prices fell on Thursday after rising more than $3 in the previous session, as a stronger dollar curbed demand for oil and worries about a faltering global economic outlook weighed on market sentiment.
Brent crude futures fell 91 cents, or 1%, to $88.41 a barrel by 0629 GMT, while US crude futures fell 80 cents, or 1%, to $81.33.
The two benchmarks rose in the previous two sessions amid trading volatility, after they reached their lowest level in nine months this week, as a temporary decline in the dollar index and a decline in US fuel stocks more than expected raised hopes for a recovery in demand.
The dollar index rebounded on Thursday, reducing investors’ appetite for risk and stoking fears of a global recession.
The Bank of England said on Wednesday it was committed to buying as many long-term government bonds as needed until October 14 to stabilize the currency after the British government’s budget plans announced last week caused the pound to fall.
Goldman Sachs cut its forecast for oil prices for 2023 on Tuesday, due to expectations of weak demand and a stronger dollar, but said that the global disappointment with supplies strengthened its expectations for the long-term upside.
