Oil prices decline with the rise of the dollar

Baghdad: Oil prices fell for the second session in a row, today, Monday, affected by the rise in the dollar, as expectations of a cut in US interest rates were postponed in the wake of strong US jobs data on Friday. By 00:36 GMT, Brent and West Texas Intermediate crude futures fell four cents to $79.58 and $75.49 per barrel, respectively. Data on Friday showed that the number of new jobs in the United States was more than expected last month, which prompted investors to reduce expectations of a rate cut and led to a rise in the dollar. Brent crude and West Texas Intermediate crude suffered a third weekly loss in a row last week due to fears that a plan to reduce production cuts implemented by the OPEC+ group starting in October would lead to an increase in global supply. Source: National Iraqi News Agency