A strengthening U.S. dollar made oil prices fell on Friday

A strengthening U.S. dollar made oil prices fell on Friday

By: Simon Furman | Where To Trade | On:Friday, November 18, 2016
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Oil prices fell on Friday, as a consequence to a new hope that OPEC might agree on production cuts. Brent crude oil futures fell 0.69 percent, to $46.17/barrel. U.S. West Texas Intermediate crude oil future were down 1.06 percent, at a $44.96/barrel.
U.S. dollar makes oil more expensive to buys that are using other currencies, because oil is priced in dollars.
Jeffery Halley, senior market analyst OANDA declared in that " Oil traded in a sideways range overnight, as the stronger U.S. dollar optimism from Saudi's Energy Minister over a production cut agreement(.....)with the dollar reigning supreme, Asia rafting of crude should have a slightly heavy tone today as traders lighten up position in to the weekend."
The other days, the U.S. Dollar Index reached an almost 14 years high. 
Chances of rate hike in the month of December are indicated as U.S. federal Reserve Chair Janet Yellen  declared. She said that the rate increase could  happen" relatively soon". 
Australian Bank ANZ declared in a note that "Brent crude oil traded around $46/barrel as investors saw an increasing chance that OPEC would reach an agreement on production cuts". 
Although oil prices were in a complete falling for the last three days, Brent is still up by 6% for a three-month low hit last week, on Friday.

Analysts at CMC Markets say that if prices go up,the  production cap could induce oil producers to start producing more in the long term.
It seems like the Saudi Arabian Energy Minister Khalid Al-Falih had too optimistic comments on potential OPEC cuts. As Audia Arabia is trying to lead the way to a deal on output, the  President of Venezuela Nicolas Maduro declared that the OPEC member would finance $2.2 billion from a Chinese credit line to boost production from oil ventures with China National Petroleum Corp arround 277,000bpd.
U.S. Investment Bank Jefferies declared that a cut of at least 700,000 bpd is necessary in order to balance the market in 2017's first quarter. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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