Oil prices were lower today falling off about 2% the dollar strengthened and traders took profits. Concerns about rising supplies and high interest rates also pressured prices taking them down to 3 week lows. Before the crude price pullback that started on Sept. 28, U.S. speculators boosted their net long futures and options positions on the New York Mercantile and Intercontinental Exchanges to the highest since May 2022, according to the U.S. Commodity Futures Trading Commission. It is “highly likely that profit-taking by speculators is currently playing a role (in the recent price decline) and should cease weighing on markets as the days pass,” analysts at energy consulting firm Gelber and Associates said in a note. WTI traded down $1.97 or -2.2% to close at $88.82. Brent traded down $1.49 or -1.6% to close at $90.71.