The strengthening of the US dollar caused a collapse in the oil market on Monday. The price of April Brent futures fell by 1.48% to $61.82 a barrel. March WTI contracts fell 2.64% to $53.80 a barrel. The thaw in the US and Chinese trade dispute has affected the WSJ Dollar index. It tracks dollar quotes against 16 major world currencies and has grown by 0.26%. The reduction in oil production has recently caused a rise in commodity prices, however, a strong dollar has a negative effect on the oil market. The number of drilling rigs decreased by 15 installations to 847 units. This is the minimum figure for nine months. In a survey of Thomson Reuters, analysts suggested that OPEC reduced oil production by 890 barrels per day to 30.98 barrels per day. Half of the cut accounted for Saudi Arabia.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...