Oil Prices Slide as Dollar Strength and Russian Ban Lift Weigh on WTI

Oil prices edged higher as investors assessed the global economic outlook following signals from major central banks that they would maintain elevated interest rates to control inflation. The rise in Treasury yields and the strengthening of the US dollar added to the appeal of oil futures. However, uncertainty surrounding demand increased after the Federal Reserve indicated that rates may continue to rise for longer than expected. Higher oil prices are also attracting additional supply, with increased production estimates and the potential return of Iranian barrels to the market.