MELBOURNE, June 18 (Reuters) – Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.
Brent crude futures were down 86 cents, or 1.2%, at $72.22 a barrel as of 1220 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 84 cents, or 1.2%, at $70.20 a barrel.
On Wednesday, Brent settled at its highest price since April 2019, while WTI settled at its highest since October 2018.
“Formidable U.S. Dollar strength following the Fed’s hawkish shift is dominating the oil market heading towards the weekend,” said Sophie Griffiths, market analyst at OANDA.
“The bullish trend in oil remains intact, thanks to optimism surrounding the demand outlook. The dollar may well be strengthening but the fundamental picture for oil hasn’t changed,” she added.