Oil prices rise on weaker dollar, likely drawdown in U S stocks msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Oil prices were little changed on Monday, supported by a weaker US dollar but pressured by concerns about the impact on demand from rising coronavirus cases in India and other countries. Brent crude was down 4 cents, at $66.73 a barrel by 11:06 AM ET (1506 GMT), after rising 6% last week. West Texas Intermediate (WTI) US oil was up 3 cents at $63.16 a barrel, having gained 6.4% last week. The US dollar traded at a six-week low versus major peers on Monday, with Treasury yields hovering near their weakest in five weeks. With oil priced in dollars, a softer greenback could spur demand from holders of other currencies.
Oil climbs as dollar slumps but pandemic surge weighs streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Dubai Saudi Arabia drew again on its crude stockpiles in February, while exports fell, reflecting the impact of its voluntary 1 million b/d production cut in addition to its OPEC+ production quota, figures from the Joint Organizations Data Initiative showed.
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The kingdom exported 5.63 million b/d in February, according to JODI data released April 19, down 957,000 b/d from January.
February saw the breaking of a seven-month run of increase that shipments since a long-term low of 4.98 million b/d in June when stringent OPEC+ production caps were in effect. It was the highest since April 2020.
Oil climbs as dollar slumps; gains capped by pandemic surge metro.us - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from metro.us Daily Mail and Mail on Sunday newspapers.