Oil prices ease on strong US dollar, mixed global economic news

WTI fell out of overbought territory as Fed's interest rate hikes to curb inflation impacted oil demand. The decline in crude prices was influenced by rising U.S. dollar and negative global economic news. U.S. business activity rose to a 26-month high in June with an employment rebound. Geopolitical tensions escalated with warnings of a trade war over electric vehicle imports.