Oil prices down in Asia on strong dollar, supply worries

July 20, 2015 10:47

Oil prices declined in Asia today on a stronger dollar and concerns a supply glut will worsen following a landmark deal that will allow Iran to increase its crude exports.

US benchmark West Texas Intermediate for August delivery fell seven cents to $50.82 and Brent crude for September dipped five cents to $57.05 a barrel in late-morning trade.

The dollar was firm in Asian trade today with investors focussing on the timing of a US interest rate increase after debt-stricken Greece reached a bailout agreement with creditors.

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