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MTECHTIPS:-Oil prices slide lower as strong dollar, demand concerns weigh

MTECHTIPS:-Oil prices slide lower as strong dollar, demand concerns weigh

U.S. oil futures slid lower on Monday, despite news of lower production in the U.S., as strength in the U.S. dollar and global growth concerns weighed on the commodity. U.S. crude futures for November delivery were last at $44.87 a barrel, down 1.83% for the day. On the ICE Futures Exchange in London, the November Brent contract were down 1.73% at $47.77 a barrel. The dollar remained supported after Federal Reserve Chair Janet Yellen said last Thursday that the U.S. central bank remains on track to raise interest rates this year. The comments reassured investors that monetary policy has not altered significantly following the Fed’s decision to hold off hiking rates earlier this month. The greenback received an additional boost after data on Friday showed that the U.S. economy grew at a faster rate than previously estimated in the three months to June. The Commerce Department said gross domestic product expanded at an annual rate of 3.9% in the second quarter, up from an initial estimate of 3.7%. A stronger dollar weighs on oil as it makes fuel imports more costly for holders of other currencies. Separately concerns over crude demand re-emerged after International Monetary Fund head Christine Lagarde said in an interview on Monday that the IMF is likely to revise downwards its estimates for global economic growth due to slower expansion in emerging economies.

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