Oil prices decline 1%, dollar slips

Economies.com
2022-06-20 06:01AM UTC

Oil futures declined nearly 1% in Asian trade off March 9 highs as the dollar index slipped from December 2002 highs.

 

Chinese central bank maintained rates unchanged as the economy continues to improve from the Covid 19 closures, while traders await US data later today.

 

As 0f 05:30 GMT, US crude futures due in July fell 0.83% to $107.86 a barrel, as Brent futures due in August fell 0.68% to $113.03 a barrel, as the dollar index fell 0.28% to 104.41.

 

China's central bank maintained 1-year rates at 3.7%, and five-year rates at 4.45%, intended for mortgages, as expected.

 

Latest World Health Organization data showed Covid 19 infections rose to over 535 million cases, with the death toll mounting to 6.314 million so far.

 

Libya's energy minister Muhammad Ouna said total Libyan production hit 700 thousand bpd, up from just 150 thousand bpd last week amid continued struggles with rebels.

 

Otherwise, OPEC General Secretary Muhammed Barkindo asserted the organization is trying to maintain supplies, and opened the door for extending the OPEC + deal with Russia to beyond this year, depending on market conditions.

 

On the Ukrainian crisis, the Kremlin said the negotiations with Ukraine aren't going very well, especially after aggressive remarks by the Ukrainian government recently on the Crimean Bridge.

 

Ukrainian government asserted a goal to take back the Crimean Bridge once it acquire weaponry from the US and Europe.

 

Baker Hughes data showed US oil rigs rose by 4 rigs to 584 rigs last week, the second such increase in a row to March 2020 highs.

 

Oil rigs rose in May for the 22nd month in  row, the longest such streak ever, while US output rose 100 thousand bpd last week to a total of 12 million bpd, the highest since April 2020.

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