Oil futures declined during the U.S. trading session on Monday, reflecting a stronger U.S. dollar and technical price levels.
West Texas Intermediate crude for October delivery fell 2.11% to $85.22 per barrel on the New York Mercantile Exchange, retreating from intraday highs near $87.69 and lows around $83.45. The contract’s technical range remained within those bounds, with resistance at $87.69 and support at $83.45.
The U.S. Dollar Index, which tracks the greenback against six major currencies, advanced 0.23% to 98.96, weighing on dollar-denominated commodities. The dollar’s appreciation contributed to downward pressure on crude benchmarks as the session progressed.
Brent crude for November delivery dropped 2.20% to $90.63 per barrel on the ICE Futures Europe exchange. The spread between Brent and WTI contracts widened to $5.41 per barrel, indicating a persistent structural premium for Brent crude in global markets.
Traders cited technical profit-taking and a stronger dollar as primary catalysts for the declines, with no immediate fundamental supply or demand shifts reported during the session.
