Global Crude Oil Prices Decline, WTI and Brent Drop Significantly

Global crude oil prices recorded a decline in Friday’s trading session.

According to Xinhua, on Saturday (Feb 22, 2025), the price of West Texas Intermediate (WTI) crude for April delivery fell by $2.08 or 2.87%, closing at $70.4 per barrel on the New York Mercantile Exchange.

Meanwhile, Brent crude for April delivery also experienced a drop of $2.05 or 2.68%, settling at $74.43 per barrel on the London ICE Futures Exchange.

US Dollar Strengthens Against Major Global Currencies

The US dollar strengthened on Friday’s trading session, maintaining its dominance over six major global currencies.

According to Xinhua, on Saturday (Feb 22, 2025), the US dollar index, which measures the greenback’s value against six major currencies, rose by 0.22%, reaching 106.612 at 3:00 PM New York time (20:00 GMT).

During New York’s afternoon trading session, the euro weakened to $1.0462 from $1.0501 in the previous session, while the British pound slipped to $1.2630 from $1.2670.

On the other hand, the US dollar traded at 149.08 Japanese yen, down from 149.78 yen in the previous session. It also declined slightly against the Swiss franc, moving to 0.8973 from 0.8977 franc Swiss.

However, the US dollar gained against the Canadian dollar, rising to 1.4231 CAD from 1.4174 CAD. Against the Swedish kronor, the dollar strengthened to 10.6520 kronor from 10.6303 kronor in the prior session.

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