Oil prices ease on strong dollar, mixed global economic news
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Crude prices declined about 1% on worries of global oil demand growth being impacted by a strong US dollar and negative economic news. Brent futures fell 47 cents, or 0.6%, to settle at $85.24 a barrel, while US West Texas Intermediate crude (WTI) ended 56 cents, or 0.7%, lower at $80.73. Despite signs of improving US oil demand and falling fuel inventories, prices declined. Both crude benchmarks were up about 3% for the week. The US dollar rose to a seven-week high versus a basket of other currencies, which can reduce demand for oil. In the euro zone, business growth slowed sharply this month as demand fell for the first time since February. In China, escalating frictions with the European Union over electric vehicle imports could trigger a trade war. Geopolitical tensions also added to the mixed picture, with Ukraine's military striking four oil refineries and other military objects in Russia, and the head of Lebanon's Hezbollah threatening a full-on conflict with Israel and EU member Cyprus. In India, refiners processed nearly 1.3% more crude oil in May than a year earlier, while the share of Russian supplies in imports to India increased. State oil company Petroecuador declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains.

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