Additionally, Qatar , along with other Gulf State markets, weakened Wednesday as oil prices continued their downward decent.
Brent crude oil futures fell 2.0% to $62.4 per barrel on Wednesday. Meanwhile, the United States Brent Oil Fund (NYSEArca: BNO) declined 2.1% and also fell below its 50-day simple moving average. [Oil ETFs: Iraq, OPEC Maintaining Higher Exports]
Market observers are attributing the pullback in oil to the renewed strength in the U.S. dollar.
“Crude oil is at the mercy of the dollar index,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc, said in a Wall Street Journal article. “You’ve got so many other pieces you would think would be supportive, but [the market]is totally discounting them.”
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Max Chen contributed to this article.