"Strong US Dollar and Profit Taking Push Oil Prices to 3-Week Low"

Oil prices dropped by around 2% to a three-week low due to the expiration of a higher-priced Brent contract, a stronger US dollar, and profit-taking by traders. Concerns about forecasts of increasing crude supplies and the impact of high interest rates on demand also contributed to the decline. The US dollar reached a 10-month high against other currencies, potentially slowing economic growth and reducing oil demand. Additionally, the possibility of more oil entering the market from Turkey and Saudi Arabia easing its supply cuts added to the downward pressure on prices.