Oil Prices Under Pressure As U.S. Dollar Strengthens

Oil prices are under pressure as the U.S. dollar continues to strengthen and fears of a higher-for-longer interest rate weight on demand expectations.Chart of the Week- In its latest 2023 Net Zero Roadmap, the International Energy Agency softened its stance on upstream projects, changing its 2021 wording of "no new oil and gas fields” to a more nuanced "no new long-lead-time upstream projects”.- Setting the stage for COP28 in Dubai from November 30 to December 12, the IEA has hailed electricity as the new oil, calling on all countries…