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Oil closes down 4% affected the strength of the dollar and falling gasoline and rising inventories
05.11.2015
Oil prices fell futures about 4 percent to eliminate the previous session gains with exposure to pressure from the strong dollar and a sharp drop in gasoline prices and an increase in US crude inventories.
The market faced further pressure from an internal document published by Reuters OPEC forecast to show weaker demand in the next few years for OPEC oil, even as Saudi Arabia pumped near-record levels of crude to protect its market share.
And it ended the global Brent crude contracts for closer trading session low of $ 1.96 or 3.9 percent to maturity of 48.58 dollars a barrel after it was escalated to $ 1.75 in Tuesday's session.
US crude fell 1.58 dollars or 3.3 percent to a record contract settled at US $ 46.32 a barrel, after gains in the previous session, which amounted to $ 1.76.
The price rally the support of the oil workers' strike in Brazil and restrictions on supplies from Libya and the closure of a pipeline in the United States.
During today's session the dollar jumped to its highest level in three months against a basket of major currencies after comments of the president of the Federal Reserve Janet Yellen increased bets that the Fed will raise interest rates next month if economic growth improved in the United States continued.
And it makes dollar-denominated commodities rise in the US currency such as oil more expensive to holders of other currencies.
US Energy Information Administration said commercial crude oil inventories in the United States rose by 2.82 million barrels last week, continue to climb for the sixth straight week. The increase came in line with analysts' expectations, and despite the decline in imports to the lowest level since 1991.
Hot Futures US gasoline prices about 4 percent after strong gains in the previous session, which amounted to 5 percent in spite of referring the report of the Energy Information Administration to A decrease in larger-than-expected 3.3 million barrels in inventories of motor fuel last week. Ended 29 quarters e
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05.11.2015
Oil prices fell futures about 4 percent to eliminate the previous session gains with exposure to pressure from the strong dollar and a sharp drop in gasoline prices and an increase in US crude inventories.
The market faced further pressure from an internal document published by Reuters OPEC forecast to show weaker demand in the next few years for OPEC oil, even as Saudi Arabia pumped near-record levels of crude to protect its market share.
And it ended the global Brent crude contracts for closer trading session low of $ 1.96 or 3.9 percent to maturity of 48.58 dollars a barrel after it was escalated to $ 1.75 in Tuesday's session.
US crude fell 1.58 dollars or 3.3 percent to a record contract settled at US $ 46.32 a barrel, after gains in the previous session, which amounted to $ 1.76.
The price rally the support of the oil workers' strike in Brazil and restrictions on supplies from Libya and the closure of a pipeline in the United States.
During today's session the dollar jumped to its highest level in three months against a basket of major currencies after comments of the president of the Federal Reserve Janet Yellen increased bets that the Fed will raise interest rates next month if economic growth improved in the United States continued.
And it makes dollar-denominated commodities rise in the US currency such as oil more expensive to holders of other currencies.
US Energy Information Administration said commercial crude oil inventories in the United States rose by 2.82 million barrels last week, continue to climb for the sixth straight week. The increase came in line with analysts' expectations, and despite the decline in imports to the lowest level since 1991.
Hot Futures US gasoline prices about 4 percent after strong gains in the previous session, which amounted to 5 percent in spite of referring the report of the Energy Information Administration to A decrease in larger-than-expected 3.3 million barrels in inventories of motor fuel last week. Ended 29 quarters e
[You must be registered and logged in to see this link.]
