Oil prices went downhill on Friday

Oil prices went downhill on Friday

By: Oliver Miller | Where To Trade | On:Friday, November 25, 2016
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  Influenced by a strong dollar, oil prices went downhill with 1% on Friday, making Saudi supplies to rise to clients in Asia and demolishing imports in China

Despite the weak activity in the U.S. on Thanksgiving holiday, the Brent crude oil futures were down by 1,2% compared to their last close.
U.S. WTI (West Texas Intermediate) crude futures were down 1.2% from the last session, at $47.41/barrel.

Experts say that the main influence on oil prices on Friday was the strong dollar. The Greenback had a astonishing rise, reaching levels that were last seen in 2003. Due to higher dollar costs, the fuel demand might be hindered.

  Traders also added that rumors that Saudi Armco might increase oil supplies in Asia in the month of January had also a big impact on the markets.

As most of the oil exporters sell their supplies two months ahead, the impact of an agreement between Saudi, OPEC and other countries that produce oil will only be felt in February 2017.

 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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