03 Oct, 23

Oil Dips On Soaring U.S. Dollar, Profit-Taking And Demand Worries

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West Texas Intermediate (WTI) is down well over 2% in Monday afternoon trading, with Brent crude down nearly 2% as well, after a week of soaring prices that had bulls certain oil was heading to $100.  On Monday at 3:08 p.m. ET, WTI was trading at $88.73, shedding 2.27% and down $2.06 on the day. Brent crude was trading at $90.56, giving up 1.78%, or $1.64 on the day.  A strong U.S. dollar, profit-taking, inflationary concerns that could dent demand and forecasts that suggest increasing supply all weighed on oil prices today. Profit-taking…

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