Oil mixed as dollar moves little amid holiday

Economies.com
2019-01-21 18:46PM UTC

Oil futures were mixed in American trade on Monday with US crude hitting December 7 highs, while Brent backed off similar heights, while the dollar index moved little as the US market closed down for the Martin Luther King holiday. 

 

As of 06:32 GMT, US crude futures due in February rose 0.19% to $53.90 a barrel, while Brent March futures slipped 0.03% to $62.68 a barrel, as the dollar index added 0.01% to 96.35. 

 

From China, the economy grew just 6.4% y/y, the lowest such rate since 2009, and down from 6.5% in the previous quarter. 

 

Retail sales rose 8.2% in December, up from 8.1% in November, while industrial output rose 5.7%, accelerating from 5.4%, as the unemployment rate rose to 4.9% from 4.8%. 

 

Last week, China announced plans to increase spending by cutting taxes while doubling efforts to support growth and provide liquidity to the market. 

 

Other reports indicated China is making suggestions to shave to the US-China trade imbalance, including a buying spree for the next six years of US products to over a trillion dollars, after China's trade surplus with America reached $323 billion last year. 

 

OPEC reported a drop of 751 thousand bpd in output last month to a total of 31.58 million bpd, the steepest such decline in two months. 

 

Otherwise, Russian energy minister Alexander Novak announced plans to accelerate the pace of output cuts this year, with the company focused on gradual ones to avoid instability. 

 

US Oil Rig Count 

 

Baker Hughes reported a drop of 21 rigs in the US oil rig count to a total of 852 rigs, while output rose 200 thousand bpd to a new record 11.9 million bpd, cementing its place at the top. 

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