TOKYO : Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a U.S. housing market recovery while fears persisted that monetary stimulus may not be enough to revive growth in China.Brent futures fell 21 cents, or 0.3 per cent, to $75.69 a barrel and U.S.
TOKYO : Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a U.S. housing market recovery while fears persisted that monetary stimulus may not be enough to revive growth in China.
A firmer dollar weighs on oil demand as it makes the commodity more expensive for buyers holding other currencies. "Investors remained impatient with China's efforts to boost economic growth," ANZ Research said in a client note on Wednesday."Beijing's slow stimulus rollout is adding concerns about the weakening economy."
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