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

Friday, November 18, 2016 2:56
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MTECHTIPS;-Oil prices fall as strong dollar wipes out OPEC cut optimism

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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.

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