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.
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Oil fluctuated between gains and losses as a strengthening U.S. dollar offset signs of a demand rebound in India.
West Texas Intermediate futures were little changed, with prices remaining within the US$5 range theyâve been holding since around mid-March. The dollar strengthened on Friday, with a higher-than-expected rise in U.S. March producer prices stoking further concern over inflation. The Bloomberg Dollar Spot Index rose as much as 0.4 per cent, reducing the appeal of commodities priced in the currency.
by Bloomberg
|Friday, April 09, 2021
Oil switched between gains and losses after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output.
(Bloomberg) Oil switched between gains and losses after Saudi Arabia said it was confident that OPEC+ was right in agreeing to raise output, while India posted its strongest oil consumption in 15 months.
West Texas Intermediate fluctuated, though prices remained within the $5 range they’ve been holding since around mid-March. India’s oil-products demand in March was the strongest since late 2019 with gasoline use jumping the most since 2013 even as the country saw Covid-19 cases soar.
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