"Oil Prices Slide as Dollar Strengthens and Market Volatility Fades"

Oil prices fell as the dollar strengthened on concerns that higher inflation could delay U.S. interest rate cuts, with Brent crude futures dropping 0.4% to $81.27 a barrel and U.S. West Texas Intermediate crude futures declining 0.5% to $76.14 a barrel. The market is caught between bullish factors such as lower OPEC output and geopolitical risks, and bearish concerns about weak demand in China. Despite this, Goldman Sachs raised its summer peak price forecast to $87 a barrel due to disruptions in the Red Sea, while also expecting oil demand to grow by 1.5 million barrels per day in 2024. Geopolitical tensions in the Middle East and Qatar's plans to increase liquefied natural gas production further contribute to global energy supply concerns.