Oil prices mixed, dollar recovers from four-week low
2018-07-09 19:52:00 GMT (Economies.com)
Oil prices mixed, dollar recovers from four-week low

Oil prices were mixed with Brent adding one percent while US crude lost ground in American trade, as the dollar index rose for the first time in three sessions, amid a lack of data from the US, the world's largest energy consumer. 


As of 05:37 GMT, US crude futures due on August 15 fell 0.37% to $73.53 a barrel from the opening of $73.53, while Brent futures due on September 15 rose one percent to $77.88 a barrel from the opening of $77.11, as the dollar index added 0.24% to 94.18 from the opening of 93.96, moving away form June 14 lows. 


Libya's National Oil Corporation President Mustafa Sanallah stated that Libyan output is down to 527 thousand bpd from 1.28 million bpd in February due to the closure of several oil ports recently. 


Otherwise, Iran's oil minister said US President Trump's calls on OPEC to raise output and cut prices is a "big insult" for the organization, and could lead to volatility in global oil markets, asserting that US pressures haven't affected Iranian production or exports so far. 


Kuwait's oil minsiter Essam al-Marzouq stated earlier that OPEC will produce more than enough to guarantee a stable and balanced market, adding OPEC doesn't need to hold an emergency meeting before December. 


Newly-elected Mexican President Andres Manuel said his administration plans to cut oil imports from the US in three years, with plans to increase local refinery activities to cut into energy imports as much as possible. 


US Rig Count 


Baker Hughes, a US oil services company, reported an increase of 5 in the American oil rig count for the first time in three weeks to 863 rigs, the highest since March 2015. 


US output rose over 29% from mid-2016 levels to 10.9 million bpd, a record high, passing Saudi Arabia's 10.7 million bpd and nearing Russia's 11.1 million bpd. 

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