Oil closes lower but Brent holds above $90

Oil drilling rigs

Oil closed with a decline today, April 15, as markets absorbed the impact of the intervention of the international military coalition led by the United States, Britain and France to prevent the escalation of the war in the Middle East.

Brent crude futures for June delivery fell 0.4%, or 35 cents, to close at $90.10 a barrel, after touching $88.73.

WTI crude for May delivery fell by 0.3%, or 25 cents, to record $85.41 per barrel, after touching $84.05.

Oil prices were under pressure after the US dollar rose against other major currencies to its highest level since last November, following a rise in retail sales in March beyond expectations, which reinforced fears that the Federal Reserve would continue to tighten monetary policy for a longer period.

In its April drilling productivity report, the Energy Information Administration said it expects oil production in the seven regions of America to average 9.85 million barrels per day this month and 9.86 million barrels per day in May. April forecasts are about 78,000 barrels per day higher than it expected in the March report.