Key Currency Exchange Rates for Friday, 09/22/17

Crude rebounded over 5 percent last month, recouping February’s losses, after U.S. President Donald Trump named hawkish officials to his government, signaling the nation may pursue a more hard-line stance toward Iran. Even so, concerns persist that a rapid increase in American production, which has topped 10 million barrels a day each week since early February, could undermine efforts by the Organization of the Petroleum Exporting Countries and its allies, which are trying to balance the market by cutting output. U.S. explorers cut the number of rigs by the most since November 2017 last week, bringing the total to 797, Baker Hughes data showed. Still, the count remains near the highest in three years, and with separate data showing nationwide crude inventories climbed 1.64 million barrels in the week ended March 23, jitters over increasing U.S. supplies remain. Click Read More below for additional information.

Futures were little changed near $60 a barrel in London, up 2.6 percent for the week. The prince said Thursday that “of course” he wanted to prolong the curbs beyond the end of March 2018. OPEC is considering an exit strategy to avoid flooding the market once the agreement finally expires, people familiar with the talks said this week. Total SA’s Chief Executive Officer Patrick Pouyanne said the imbalance between crude supply and demand is finally dissipating. Brent has gained as speculation mounts the Organization of Petroleum Exporting Countries will agree at its Nov. 30 meeting to extend cuts by its members and allied nations aimed at draining a global glut. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.793572; American Dollar to Chinese Yuan = 0.155336; American Dollar to Euro = 1.183668; American Dollar to Japanese Yen = 0.009103; American Dollar to Mexican Peso = 0.050303.