|
Oil prices rise, based on the weakness of the US currency dollar
Oil prices rose during the European market on Monday in the first trades of the week, after it suffered last week, the first weekly loss in a month, and prices rose, based on the weakness of the US currency dollar after receding expectations of a near increase in US interest rates, and rising drilling rigs in the United States from its lowest level in more than six years curbed gains.
By 09:30 GMT, US crude rose to $ 49.15 a barrel from the opening level of $ 48.90 and recorded the highest level of $ 49.25 and the lowest level of $ 48.70.
And Brent crude oil rose to $ 50.20 a barrel from the opening level of $ 49.85 and recorded the highest level of $ 50.26 and the lowest level of $ 49.70.
US crude oil "July delivery" Finish trading on Fridaydown by 0.5 percent after Baker Hughes Inc. data on US platforms, and Brent, "August contracts" lost 0.2 percent, and over the trading last week, oil prices lost 1.5 percent in the first weekly loss during the month after OPEC kept its production policy unchanged at the conclusion of the meeting on Thursday.
The dollar index, which tracks the US currency's performance against a basket of currencies, traded near its lowest level in three weeks 93.85 points, reflecting weak demand for buying the US currency after the receding expectations of a near raising of US interest rates during the third quarter of this year after the decline of the new US jobs in May past to the lowest level in five years, and the weak dollar supports oil prices being priced in the US currency and depreciates for holders of other currencies.
Company "Baker Hughes" for Oil Services on Friday announced higher drilling rigs in the United States by 9 platforms, to total 325 platform, to rise from the level of 316 the lowest since November 2009, after the operating companies benefited from the improvement in oil prices and the global markets to run the stalled work platforms.
These companies resorted to stop drilling and exploration platforms in light of the extraction of shale oil high cost compared with cheap oil market prices.
With successive stopped platforms and a slowdown in operations in the United States; shale oil production until May last fell 870 thousand barrels per day since recording 9.61 million barrels in June, 2015.
Thanks for your feedback.
Stability of the euro near its highest level in three weeks against the US dollar
The euro stabilized on Monday at the start of the week near the highest level in three weeks against the US dollar, after on Friday achieved the biggest daily gain since December 2015 due to receding concerns over monetary policy between Europe and the United States differences with reduced opportunity to raise US interest rates during the thired quarter of this year, and the dollar index rose slightly after suffering the biggest daily loss since February last, followed jobs disappointing data in the United States reduced chances to a near raise _ For US interest rates, and investors later in the day awaiting statements by - Janet yellen- president of the Federal Reserve for clues concerning the timing of raising US interest rates.
MoreJapanese stocks resume extensive losses due to the local currency stronger yen
Japanese shares ended the trading on Monday in the first week's sessions low, continuing the vast losses that stopped during Friday's session within the breathtaking operations, and shares of the affected export companies of Yen strength led the declines.
MoreGold backs off one-week high
Gold prices fell today from a one-week high after surging last week on the back of the swooning dollar, but gold's decline today is modest and due to profit-taking mainly.
More