Oil prices turned to decline with the opening of the American market on Tuesday after rising earlier in the European market trading, to continue its losses for the third day in a row, recording the lowest level in a week, due to the rise of the US dollar against a basket of global currencies, and the losses are curbed by the recovery of crude imports to China During August, in a sign of improving demand levels in the world's second largest fuel consumer.
American crude fell by 1.6 percent to the lowest level of $ 67.66 in a week, from the opening level at $ 68.79, and recorded the highest level at $ 69.39, and Brent crude fell by more than 1.4% to the level of $ 72.12 a barrel, the lowest since the first of this September, From the opening level at $72.16, and recorded the highest level at $72.79.
When prices settled on Monday, US crude lost 0.45%, and Brent crude fell 0.5%, in the second consecutive daily loss, due to renewed concerns about global demand levels.
On Tuesday, the dollar index rose by more than 0.2%, to extend its gains for the second day in a row, reflecting the continued recovery of the US currency levels against a basket of global currencies.
As we know that the rise of the US currency negatively pressures the prices of dollar-denominated commodities, as their costs decrease for consumers of other currencies.
General Customs data on Tuesday showed that China's daily imports of crude oil rose 0.8% in August from the previous month.
This rise is attributed to the refineries' resumption of purchases after issuing new import quotas, in a sign of improving levels of demand and withdrawals in the second largest consumer of fuel in the world.
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