Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a U.S. housing market recovery.
The dollar rose after data showed U.S. homebuilding surged in May to the highest in more than a year and permits for future construction climbed, suggesting the housing market may be recovering after being hammered byA firmer dollar weighs on oil demand as it makes the commodity more expensive for buyers holding other currencies.
The rate reduction followed recent economic data showing the China's retail and factory sectors were struggling to sustain momentum from earlier this year. Oil trade was also cautious ahead of congressional testimony by U.S. Federal Reserve Chair Jerome Powell later on Wednesday which is expected to provide clues on future rate moves in the world's biggest economy.
"We expect Fed Chair Powell to deliver a hawkish semi-annual testimony to Congress reflecting the FOMC's median projection for higher interest rates in coming months and more resilient inflation in the near term," ANZ Research said in the note, referring to the central bank's Federal Open Market Committee.
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