Oil prices extend losses, firmer dollar and supply outlook weigh
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Oil prices have continued to decline for a second consecutive session due to technical corrections following last week's rally. The decline is also influenced by forecasts of ample supply and a stronger dollar.
January 07, 2025 | 3:00 am
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NEGATIVE IMPACT
The United States Brent Oil Fund (BNO) is likely to be impacted by the continued decline in oil prices, driven by technical corrections, ample supply forecasts, and a stronger dollar.
BNO, an ETF that tracks Brent crude oil prices, is directly affected by changes in oil prices. The current decline in oil prices due to technical corrections, ample supply forecasts, and a strong dollar suggests a negative short-term impact on BNO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80