Oil retreats after strong US data

Oil prices fell about 1% today after strong US data, which sent the dollar to its highest level in two months, and European Central Bank Vice President Luis de Guindos said the European Central Bank should continue to raise interest rates further. To bring inflation back to its medium-term target of 2% even though most of the tightening has already been done.

Saudi Arabia’s exports of crude oil increased by about 1% to 7.52 million barrels per day in March compared to the previous month. However, Saudi exports may have declined in May with a voluntary production cut pledged by the Kingdom and other Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures fell by $1.10, or 1.4% to $75.86 a barrel, and US West Texas Intermediate crude futures fell, by 1.3%, to $71.86 a barrel.