Key Currency Exchange Rates for Friday, 10/29/21

American Dollar to Canadian Dollar = 0.697670; American Dollar to Chinese Yuan = 0.138010; American Dollar to Euro = 1.047371; American Dollar to Japanese Yen = 0.006390; American Dollar to Mexican Peso = 0.049463.

Futures were little changed in New York after falling 0.6 percent on Wednesday. Prince Mohammed said in an interview with Bloomberg News in Riyadh that "of course" he wanted to extend OPEC’s production cuts in 2018, making it all but certain the group and its allies will roll over the curbs at a meeting next month. Oil is holding gains above $50 a barrel as speculation mounts that supply curbs by members of the Organization of Petroleum Exporting Countries and its allies including Russia will be prolonged when they meet in Vienna on Nov. 30. In Iraq, the state oil company is working with a Kurdish firm to resume pumping at two disputed fields after government troops recaptured them from Kurdish forces. Click Read More below for additional information.

Oil in New York rose above $50 a barrel early last week, before slipping as signs of rising global supply eroded optimism that curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. The failure of OPEC’s efforts amid expanding output in Libya and Nigeria and lower compliance by some nations has spurred Saudi Arabia to take more action. Prices “are profiting from Saudi Arabia’s announcement that it will be reducing its oil shipments,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “This announcement is remarkable to the extent that domestic demand declines in September, meaning that more crude oil will be available for export if production remains unchanged.” Click Read More below for additional detail.