Oil heads for third monthly decline as strong dollar, ample supply weigh

Oil prices eased on Friday, heading for a third straight monthly decline, as a stronger dollar capped commodities gains while rising supply from major producers globally offset the impact of Western sanctions on Russian exports. Brent crude futures slipped 33 cents, or 0.51%, to $64.67 a barrel by 0027 GMT, while U.S. West Texas Intermediate crude was at $60.22 a barrel, down 35 cents, or 0.58%. “A stronger USD weighed on investor appetite across the commodities complex,” ANZ analysts said in a note. The greenback was boosted after Federal Reserve Chair Jerome Powell said on Wednesday a rate cut in December was not guaranteed. Both Brent and WTI are set to fall about 3% in October as rising supply is expected to exceed demand growth this year, with the Organization of the Petroleum Exporting Countries and major non-OPEC producers ramping up output to gain market share.