International oil prices constrained by strong dollar, but two positive factors force Biden to change course

By    21 Apr,2022

International oil prices weakened on Tuesday (April 19), weighed down by the strong dollar. But Libya was forced to halt some exports and Russian forces launched the second phase of military operations in Ukraine, continuing to fuel investor concerns about tight global oil supplies and forcing the U.S. Biden administration to change course.


At 16:52 GMT, NYMEX crude oil futures fell 0.95% to $106.59 per barrel; ICE Brent crude oil futures fell 0.82% to $112.23 per barrel.

The dollar index hit a new high since late March 2020 to 101.026 on Tuesday. a stronger dollar typically curbs demand for dollar-denominated commodities from non-dollar holders. Oil prices touched their highest level since late March overnight, as the political crisis in Libya led to a disruption in output at the country's largest oil field, and the country shut down another field.