Oil closes lower amid interest rate concerns, dollar rise

Oil drilling rigs

Oil closed lower today, April 17, amid expectations of a rate hike by the US Federal Reserve in two weeks from now.

Four major oil exchange-traded funds (ETFs) have seen the longest run of outflows in eight months, or since July 2022, with $211 million withdrawn last week alone, as prices rose following the OPEC+ decision to cut supply and amid recession fears, Bloomberg reported.

The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, Reuters reported, citing a coalition official, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues.

Fresh economic data from China is expected on April 18, including reports on first-quarter gross domestic product, retail sales in March, and industrial production.

Brent crude futures for June delivery fell 1.8%, or $1.55, to close at $84.76 a barrel. WTI crude for May delivery fell by 2.1%, or $1.69, to record $80.83 a barrel.