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Oil prices influenced by stronger US dollar

Monday, May 23 2016
Oil prices fell in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs. In a further indication of abundant supply, the number of rigs operated by U.S. drillers was steady last week for the first time this year.
Brent futures LCOc1 had dropped 57 cents to $48.15 a barrel by 0641 GMT, after ending the previous session 9 cents down. U.S. crude futures CLc1 fell 64 cents to $47.77 a barrel, having settled down 41 cents the day before.The dollar index .DXY was marginally lower on Monday after gaining for a third straight week last week. A stronger greenback makes dollar-priced commodities more expensive for holders of other currencies.
 
That came as U.S. crude rose 3.3 percent last week, while Brent was up 1.7 percent, as unplanned supply outages rose to the highest since at least 2011 due to wildfires in Canada and losses in Nigeria, Libya and Venezuela. Elsewhere, Iran plans to increase oil export capacity to 2.2 million barrels by the summer and has no plans to freeze its level of oil production and exports, its deputy oil minister was quoted as saying. A meeting of the OPEC exporters' group, including Iran, is scheduled for June 2.
 
Source: Reuters.com
More in this category: « Euro lower after mixed PMI data US Manufacturing PMI fell to 50.5 »

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