54327
Oil Prices Slide on Strong Dollar
Oil Prices Slide on Strong Dollar

Oil Prices Slide on Strong Dollar

Oil Prices Slide on Strong Dollar

Oil prices slid on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group’s meeting next week, but benchmark contracts were on track to close the week with gains close to 4%.
According to Reuters, Brent crude futures traded at $48.55 a barrel on Friday, down 45 cents. US crude futures fetched $47.56 a barrel, down 40 cents.
The main drag on prices was the dollar, which this week hit levels last seen in 2003 against a basket of other currencies. A strong dollar could crimp fuel demand due to higher costs for holders of other currencies.
Reports that state oil giant Saudi Aramco would in January increase oil supplies to some Asian customers also cast a shadow on markets, traders said.
A decline in China’s October crude oil imports to their lowest on a daily basis since January added to the bearish tone. But analysts said fundamentals were little changed - apart from concerns over the fate next week of a plan for the Organization of Petroleum Exporting Countries and other producers to agree on cuts in crude output.
The market “is taking it easy ahead of a long weekend (in the United States) and uncertainty over OPEC,” said Bjarne Schieldrop, chief commodities analyst with SEB Bank in Oslo. “There is no other big bearish news.”

Short URL : https://goo.gl/xaQBtr
  1. https://goo.gl/NScker
  • https://goo.gl/G0W4F0
  • https://goo.gl/bMx6ty
  • https://goo.gl/HHZyyx
  • https://goo.gl/79jWDZ

You can also read ...

Production From SP  Oil Layer Resumes
Crude production from the oil layer of South Pars in the...
Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus