Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS;-Oil prices fall as strong dollar wipes out OPEC cut optimism

Friday, November 18, 2016 2:56
% of readers think this story is Fact. Add your two cents.

MTECHTIPS;-Oil prices fall as strong dollar wipes out OPEC cut optimism



MTECHTIPS- Oil prices fell on Friday as a strengthening U.S. dollar beat back renewed hope that OPEC might finally agree production cuts. Brent crude oil futures (LCOc1) fell 32 cents, or 0.69 percent, to $46.17 per barrel by 0751 GMT. U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) were down 47 cents, or 1.06 percent, at $44.95 a barrel. A stronger U.S. dollar makes oil, which is priced in dollars, more expensive to buyers using other currencies. “Oil traded in a sideways range overnight, as the stronger U.S. dollar (overshadowed) optimism from Saudi’s Energy Minister over a production cut agreement,” said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. “With the dollar reigning supreme, Asia trading of crude should have a slightly heavy tone today as traders lighten up positioning into the weekend,” he said. The U.S. dollar index (DXY) reached a 13-1/2-year high on comments by U.S. Federal Reserve Chair Janet Yellen as she said the rate increase could happen “relatively soon”, indicating higher chances of the rate hike in December. “Commodities were mixed, with the stronger dollar creating headwinds for the sector. Brent crude oil traded around $46 per barrel as investors saw an increasing chance that OPEC would reach an agreement on production cuts,” Australian bank ANZ said in a note. Oil prices have fallen the last three days, but Brent is still up 6 percent from a three-month low hit last Friday.

We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.