Oil falls off three-month high as dollar rises

Economies.com
2019-02-19 04:07AM UTC

Oil futures dipped in Asian trade off November 20 highs as the dollar index gained ground, following US data and amid ongoing US-China trade talks. 

 

As of 03:27 GMT, US crude futures due in March shed 0.02% to $55.77 a barrel, while Brent April futures slipped to $66.20, as the dollar index rose 0.05% to 96.85. 

 

Eyes are still focused on OPEC and its allies to gauge their commitment to the agreement to cut output by 1.2 million barrels. 

 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

 

US Oil Rigs 

 

Baker Hughes reported an increase of 3 rigs last week to 857 rigs in the week ending February 15 away from ten-month lows as output steadied at a record 11.9 million bpd. 

 

The EIA reported another record output in shale output at 8.179 million bpd. 

 

Brent futures due in April rose 0.1% to $66.3 a barrel, with a session-high at $66.8, and a low at $65.9. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...