Oil prices reverse after scoring 10-month high peak on Saudi, Russia output cuts; Brent hovers at $89/bbl
Against a basket of currencies, the US dollar was at 104.69, not far off the six-month high of 104.90 touched overnight. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies.
Oil prices reversed gains on Wednesday, September 6, after rising over 1 per cent to a 10-month high level in the previous session as Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. However, so far in today's session, the US dollar has firmed up and investors shrugged off jitters arising from tightening supply.
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