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Brent crude futures fell $1.11 to $80.50 a barrel by 1311 GMT and U.S. crude lost $1.20 to $76.17, with both benchmarks registering their lowest levels since late July.
The US Dollar rally stalled at a key inflection point once more as US PCE Data failed to provide a catalyst for USD Bulls. PCE data was largely in line with estimates keeping the DXY rangebound ahead of the FOMC meeting next wee
Oil prices drop as dollar strengthens and traders take profits, but market could resume rally next week on easing inflation and supply disruptions
Global equities and Treasury yields decline as investors focus on the U.S. debt ceiling vote. Market jitters prevail with potential default concerns.
A combination of relative dollar strength and tightening financial and credit conditions currently weigh on oil prices as global demand is brought into question