Oil Dips With Stronger Dollar After Saudis Defend Output Hike
Bloomberg 1 hr ago Sharon Cho and Alex Longley
(Bloomberg) Oil dipped, weighed by a stronger dollar and after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output.
West Texas Intermediate futures gave up early gains to trade 0.5% lower, though prices remain within the $5 range they’ve been holding since mid-March. The dollar rose, making commodities priced in the currency more expensive.
Traders continue to await a potential recovery in consumption. While the roll out of vaccines is showing signs of boosting demand in places like the U.S. and U.K., cases continue to spread rapidly elsewhere. India, the world’s third-largest oil importer, posted a record number of cases this week while Japan is set to reimpose lockdowns in Tokyo, Kyoto and Okinawa.
Mar 11 2021, 12:21 PM
March 10 2021, 5:16 AM
March 11 2021, 12:21 PM
(Bloomberg) Oil closed higher after traders assessed a U.S. government report showing the largest two-week decline in gasoline supplies on record, while signs emerged of demand picking up.
(Bloomberg) Oil closed higher after traders assessed a U.S. government report showing the largest two-week decline in gasoline supplies on record, while signs emerged of demand picking up.
Futures in New York rose 0.7% on Wednesday after earlier flipping between modest gains and losses. Domestic gasoline supplies slid last week to the lowest in about four months, while demand rose to the highest since November, according to Energy Information Administration data. Further price gains were tempered by a 13.8-million-barrel increase in crude inventories, with shale drillers boosting output following an unprecedented cold blast in the U.S. South.
Oil prices continue to fall ahead of US inventories data aljazeera.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aljazeera.com Daily Mail and Mail on Sunday newspapers.