Crude oil prices are under pressure again as global growth fears seem to outweigh oil production cutbacks. Weak industrial profits in China and the International Monetary potentially lowering its growth forecast.
Crude oil prices edged up on Friday boosted by stronger than expected U.S. economic data though the longer-term outlook for energy markets remains weak due to a global oil supply glut and uncertainty over economic growth prospects in Asia.
The U.S. dollar approached two-week highs on Tuesday morning after Atlanta Federal Reserve Bank President Dennis Lockhart said he predicts the U.S. central bank will raise interest rates at the October or December FOMC meeting.
The U.S. dollar made gains this morning as markets anticipate that central banks around the world will ease monetary policy. The anticipation comes in the wake of the Federal Reserve’s decision last week to maintain its current rate level.