A stronger greenback puts downward pressure on oil, as it curtails demand by making the dollar-priced commodity more expensive. Prices were also weakened by comments from Iranian officials who vowed to keep up oil production after the lifting of Western sanctions in January. “A stronger US dollar continued to extend pressure on commodity prices,” CMC Markets analyst Margaret Yang said in a note. Photo: Ana Maria Otero/APSingapore: Oil extended losses in Asia on Tuesday as a stronger US dollar and progress in controlling wildfires in Canada’s crude-producing Alberta province dampened prices. A strong greenback puts downward pressure on oil, as it curtails demand by making the dollar-priced commodity more expensiveAn oil platform seen at Maracaibo lake in Cabimas, Venezuela.

Source: Mint May 24, 2016 03:07 UTC