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Oil rises despite the rise of the dollar rate
11/6/15
BAGHDAD - and babysit - Crude oil prices rose on Friday after it fell more than two percent in the previous session, and some analysts say the supply glut and the high dollar will continue to put pressure on crude markets.
The total US crude futures to $ 45.53 a barrel, up 33 cents from its level at the settlement, while Brent crude rose 27 cents to $ 48.25 a barrel.
However, these gains came after sharp declines in the previous session on rising US crude inventories.
Some analysts said that the oversupply will continue to put pressure on the oil markets.
The BMI Research Foundation's Fitch Ratings "with high production of major oil producers, the decline in US crude shale production will not be enough to balance the bloated about supply oil market during the next two years."
"The United States, Russia and OPEC together produce more than 50 percent of the world's crude and production of these producers (collectively) has increased in 2015 despite the decline in production in the United States."
The French investment bank Natixis "Oil prices will remain under pressure as long as the surplus in the market."
The US currency rose about five percent against a basket of other major currencies since early October amid market expectation that the Federal Reserve (the US central bank first) among the major central banks to raise interest rates since the global financial crisis in 2008-2009.
ANZ Bank said Friday "growing speculation that the Federal Reserve will raise interest rates will put downward pressure on the prices of primary commodities," he said, adding that he expected drop in US crude futures three percent in the next three months because of the US producers to reduce the cost.
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